Northern Star II (NSTB) and Pivotal Investment III (PICC) Ink Non-Redemption Agreements
by Nicholas Alan Clayton on 2022-12-30 at 7:50am

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.

Recent Posts
by Nicholas Alan Clayton on 2025-04-24 at 6:43pm

Inflection Point Acquisition Corp. III (NASDAQ:IPCXU) announced the pricing of its $220 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “IPCXU”, Friday, April 25, 2025. The new SPAC aims to combine with a disruptive technology company in North America or Europe that is customer-focused and adaptable to...

by Nicholas Alan Clayton on 2025-04-24 at 5:11pm

Crane Harbor Acquisition Corp. (NASDAQ:CHACU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “CHACU”, Friday, April 25, 2025. The Company’s primary focus will be to identify companies in the technology, real assets, and energy sectors. Crane Harbor’s management team is led...

by Nicholas Alan Clayton on 2025-04-24 at 11:59am

Flag Ship Acquisition Corporation (NASDAQ:FSHP) has entered into a definitive agreement to combine with Great Future under so far undisclosed terms. Transaction Overview Flag Ship has about $71.6 million in its current trust and has until September 20, 2025 to complete a business combination but may extend up to nine times for one month each...

by Nicholas Alan Clayton on 2025-04-24 at 8:22am

At the SPAC of Dawn SPAC momentum has not waned amid the market rally as three more SPACs are angling to price their IPOs by this evening, adding to two others and went public earlier this week. This would bring April’s tally to nine SPAC IPOs after just three in March. It has not been...

by Nicholas Alan Clayton on 2025-04-23 at 6:13pm

New Providence Acquisition Corp. III (NASDAQ:NPACU) announced the pricing of its $261 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “NPACU”, Thursday, April 24, 2025. The new SPAC aims to combine with a consumer target that has the potential to generate attractive risk-adjusted returns. New Providence III’s...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved