Northern Star Investment Corp. II (NYSE:NSTB) and Pivotal Investment Corp. III (NYSE:PICC) both announced in morning filings that they have signed non-redemption agreements with shareholders in connection with their extension votes.
In Northern Star II’s case, shareholders agreed not to redeem 200,000 shares in exchange for 50,000 promote shares, which they will receive once the SPAC has completed a business combination. Pivotal III meanwhile agreed to disperse 30,000 promote shares to secure 120,000 common shares from redemption.
Both SPACs also once again adjourned and their respective special meetings to extend their transaction deadlines until today, December 30 at 10:30 am ET for Pivotal III and 11 am ET for Northern Star II. The pair have acted with mirrored moves because they share a management team led by New York Islanders-owner Jonathan Ledecky.
The SPACs previously adjourned votes set for December 22 and these were similarly followed by with non-redemption agreements for 200,000 shares each, with 50,000 promote shares going to investors. Northern Star II faces a completion deadline of January 28, 2023, but is hoping to gain shareholder approval to extend to July 28, 2023, while Pivotal III has a deadline of February 11, 2023 and is seeking an extension until August 11, 2023.
Northern Star II has now effectively forfeited 4% of its 10,000,000-share promote through the moves, while Pivotal III has parted with about 4.6% of its 6,900,000 promote shares.
At the SPAC of Dawn Lost in the daily assault of A.I. company news are all of the “other” companies that were created in the past decade or so. The normies. These venture-backed companies that achieved unicorn status during the boom years of 2020 and 2021 have been sidelined and much has been discussed about...
Quantum computing has been one of the hottest investment topics in the past two months and three of the leading listed companies in the space are de-SPACs. But, how close is quantum computing to generating real value and what capabilities are still years away? This week, we speak with Alan Baratz, CEO of D–Wave (NYSE:QBTS), which...
At the SPAC of Dawn The sudden burst of SPAC activity this week slowed down after the closing bell yesterday as the market faces a period sandwiched between CPI and PPI readouts. Yesterday’s CPI news and Fed Chair Jerome Powell’s comments before Congress did not provide an instant relief in terms of clarity on a...
Maywood Acquisition Corp. (NASDAQ:MAYAU) announced the pricing of its $75 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “MAYAU”, Thursday, February 13, 2025. Maywood will have a broad search focus and will pursue an initial business combination in any industry or geographic location. The team is led...
Artius II Acquisition Inc. (NASDAQ:AACBU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “AACBU”, Thursday, February 13, 2025. Artius II intends to search for a target company with a technology-enabled business with opportunities that have multiple vectors to create value post-combination....