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.
Four Leaf Acquisition Corporation (NASDAQ:FORL) has entered into a definitive agreement to combine with Chinese technology firm Xiaoyu Dida for undisclosed terms. The Guangzhou, China-based firm produces software and hardware for smart car washing systems. The parties have set December 31, 2025 as the initial outside date and the combined company is expected to trade...
At the SPAC of Dawn SPACs are back on the board with a new deal announcement, which is the first in a little over two weeks. This brings the fourth quarter count on fresh deals to a still-meager nine after 27 were announced in the third quarter. By contrast, this quarter has still seen more...
Range Capital Acquisition Corp. (NASDAQ: RANGU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “RANGU”, Friday, December 20, 2024. The new SPAC intends to take a generalist approach in searching for a business combination, but will seek opportunities in capital constrained...
SPAC Deja Vu There’s been a lot of talk this year in the SPAC market about how it’s finally reverting back to a healthier version of deal flow and the comparison is always, “….like 2019”. In fact, in 2019, Trump was in office and there were 59 SPAC IPOs priced. As of this morning, Trump...
This year has seen a variety of innovations for SPACs to continue the lifespan beyond their traditional search windows. In general, this creativity is welcome as long as investors get their chance to have a say and a redemption opportunity at the appropriate time. But, in the second half of 2024, some SPACs have not...