08:34 AM EDT, 06/10/2024 (MT Newswires) -- Twelve Seas Investment Company II ( TWLV ) said Monday it won't extend the deadline for completing any business combination beyond June 2, and plans to liquidate the company instead.

The company said the board decided not to extend the deadline because it believes it won't be able to complete one by the Aug. 26 deadline provided by the Nasdaq for the company to regain compliance with listing rules.

The company's public securities cease trading on the Nasdaq Monday and will then begin trading over-the-counter on the same day under the existing trading symbols: "TWLV", "TWLVU", and "TWLVW."

Twelve Seas Investment Company II ( TWLV ) operated as a 'blank check' company, organized for the purpose of effecting a business combination, the company said.