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.
Columbus Acquisition Corp (NASDAQ:COLAU) has filed for a $57.5 million IPO to give its team a second vehicle in circulation to hunt for deals. The same team IPO’d Eureka (NASDAQ:EURK) in July at a slightly smaller $50 million scale and this new SPAC would improve upon some of that foray’s terms. Both SPACs managed to...
At the SPAC of Dawn One week before Thanksgiving, SPACs are not filling up their plate with just five votes scheduled, all of which are extensions. Five of these are set to take place today, and investors are also set to get an update on one of the most successful de-SPACs of recent years. Industrial...
Terms Tracker for the Week Ending November 15, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. The drought in De-SPAC deals continues without a single announced combination since October 23rd. That’s more than three weeks now with SPACs experiencing a dry...
Few corners of the market have seen a bigger boost from the result of the US elections than the crypto industry, and SPACs are always sure to be drawn to where the action is. But, in crypto’s case, this is a play that SPACs have been involved in before, so the question is more of...
At the SPAC of Dawn As more information continues to trickle out about what investors should expect from the Trump 2.0 tax changes, it has become increasingly clear that the $7,500 EV tax credit is on the outs. Such a change could shift the strategies for many EV de-SPACs and prospective SPAC targets in the...