SCHEDULE: Tenor Capital Discloses 5.2% Stake in Twelve Seas III

Tenor Capital Management Company, L.P., Tenor Opportunity Master Fund, Ltd., and Robin Shah have jointly reported a 5.2% beneficial ownership stake in Twelve Seas Investment Co III's Class A ordinary shares.

Summary

• Tenor Capital Management Company, L.P., Tenor Opportunity Master Fund, Ltd., and Robin Shah have filed a Schedule 13G, indicating beneficial ownership of Class A ordinary shares of Twelve Seas Investment Co III.
• Each reporting person beneficially owns 800,000 Class A ordinary shares, representing 5.2% of the class.
• The shares are held in the form of units, where each unit consists of one Class A ordinary share and one right to receive one-tenth (1/10) of a Class A ordinary share upon the consummation of an initial business combination.
• The beneficial ownership percentage is calculated based on 15,450,000 units issued and outstanding, as stated in the Issuer's Prospectus filed on December 12, 2025.
• Tenor Capital Management Company, L.P. serves as the investment manager to Tenor Opportunity Master Fund, Ltd., which directly holds the units.
• Robin Shah serves as the managing member of Tenor Management GP, LLC, the general partner of Tenor Capital Management Company, L.P.
• The reporting persons disclaim beneficial ownership of the shares except to the extent of their pecuniary interest therein and certify that the securities were not acquired for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: The filing is a factual disclosure of beneficial ownership and does not contain information that would significantly alter the sentiment towards the company, beyond indicating institutional interest.

Positives

• The disclosure of a 5.2% stake by an institutional investor group, including Tenor Capital Management, indicates institutional interest in Twelve Seas Investment Co III.

Future Outlook

The filing does not contain any forward-looking statements or guidance from the issuer.

Industry Context

This Schedule 13G filing pertains to Twelve Seas Investment Co III, a Special Purpose Acquisition Company (SPAC). Such filings are standard disclosures when an institutional investor acquires a significant passive stake (5% or more) in a publicly traded company, including SPACs, indicating their position in the market.

Stakeholder Impact

• Shareholders may view the disclosure of institutional ownership by Tenor Capital Management as a positive signal, potentially indicating increased investor confidence or liquidity in the shares.

Key Dates

Keywords

Twelve Seas Investment Co III, Tenor Capital Management, Tenor Opportunity Master Fund, Robin Shah, Schedule 13G, Beneficial Ownership, Class A ordinary shares, SPAC, Institutional Investor