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.
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