Northern Star Investment Corp. III (NYSE:NSTC) and Northern Star Investment Corp. IV (NYSE:NSTD) announced this morning that both companies have adjourned their extension votes.
Both SPACs intended to hold their meetings on February 24, but have adjourned them until March 1 to further engage with stockholders and solicit additional votes and redemption reversals. Northern Star III and IV have completion deadlines of March 4, and are hoping to gain shareholder approval to extend their timelines until September 4.
Additionally, due to the Inflation Reduction Act of 2022, a 1% U.S. federal excise tax will be imposed on certain repurchases of stock occurring on or after January 1. As a result, any share redemption that occurs after December 31, 2022, in connection with a business combination or extension vote may be subject to the excise tax. Both companies have agreed that if the extensions are approved, then the per share price payable to stockholders exercising their redemption rights will not be reduced by payments required to be made under the Act.
Northern Star III announced the pricing of its upsized $350 million IPO in March 2021. It hasn’t announced a business combination just yet, but aims to combine with a direct-to-consumer target or disruptive e-commerce marketplace with a data-driven business.
Northern Star IV also announced the pricing of its upsized $350 million IPO in March 2021, and also intends to combine with a direct-to-consumer target with a data-driven business.
Both SPACs are led by Chairman and CEO Joanna Coles, CFO James H.R. Brady and President and COO Jonathan Ledecky.
At the SPAC of Dawn As we close out Passover and head into Easter weekend, we’re reminded that even the most hopeless situations, like wandering the desert for 40 years, being dead for three days, or trying to close a DeSPAC with zero redemptions in this market, can eventually turn around. After all, SPACs have...
Globa Terra Acquisition Corporation (NASDAQ:GTERU) has filed for a $152.2 million SPAC to find an agriculture or food-tech target company The new SPAC is overfunded to 100.5% and is set to have both a 3/4 warrant and right to a 1/20 share in each of its units. This vies for the most investor-friendly unit coverage of...
EGH Acquisition Corp. (NASDAQ:EGHAU) has filed for a $150 million SPAC to continue the work of the Tortoise serial SPAC team under a fresh name. The new SPAC is not overfunded and will have one right to a 1/10 share in each of its units. It will have 24 months to initially close a business...
Yorkville Acquisition Corp. has filed for a $150 million SPAC to bring the sponsor’s experience in SPAC investing to a search for a technology, media or telecom target. The new SPAC is overfunded to 100.5% with $10.05 per unit in trust initially. Each unit is set to contain a 1/3 share and it will have...
At the SPAC of Dawn This week’s trading comes to an end later today as the US exchanges will observe the Good Friday holiday (but the SEC’s EDGAR filing system will not). Dow futures ahead of this session remain in the red although both the S&P 500 and Nasdaq look to make up some losses...