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.
Terms Tracker for the Week Ending July 3, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re heading into the July 4th holiday, so we’ll keep this week’s column short and to the point. But before you head to the beach,...
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....