Northern Star Investment Corp. II (NYSE:NSTB) and Pivotal Investment Corp. III (NYSE:PICC) both announced this afternoon that their extension votes have once again been adjourned.
NSTB and PICC originally scheduled their meetings for December 22 when the pair decided to postpone the votes to today, December 28, to further engage with their stockholders and solicit redemption reversals. A day after doing so, both SPACs announced that they signed non-redemption agreements. The moves were identical with each securing the agreement of third parties not to redeem a total of 200,000 shares in each SPAC that were previously purchased at IPO. In exchange, investors are expected to receive a share of 50,000 promote shares from each respective sponsor.
Today, the SPACs have again adjourned the meetings until tomorrow, December 29. NSTB faces a completion deadline of January 28, 2023, but is hoping to gain shareholder approval to extend to July 28, 2023, while PICC has a deadline of February 11, 2023 and is seeking an extension until August 11, 2023.
Northern Star II originally entered into a $4.7 billion business combination with Apex Clearing Holdings on February 22, 2021, just 27 calendar days after its IPO on January 26, 2021. The SPAC was previously forced to postpone its shareholder meeting twice throughout 2021. Northern Star originally scheduled its vote for the end of June 2021, and had to adjourn once again in August 2021 because the SEC had not yet completed its review. The business combination was eventually terminated in December 2021.
As for Pivotal Investment III, the SPAC priced its upsized $240 million IPO in February 2021 with a focus on finding a digital technology target in North America but has not yet announced a business combination. Pivotal II combined with truck-electrification company XL Fleet (NYSE:SPRU), which changed its name to Spruce Power after acquiring a residential solar company. Pivotal I combined with governance solutions firm KLDiscovery (OTC:KLDI) in 2019.
Northern Star II and Pivotal III are both led by New York Islanders-owner Jonathan Ledecky.
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