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 Lately de-SPACs have been announcing corporate moves of a kind frequently in trios as was the case earlier this week when WeBull (NASDAQ:BULL), AST SpaceMobile (NASDAQ:ASTS) and Quantum-Si (NASDAQ:QSI) all announced major equity raises. This week, it is a trio of de-SPACs making reverse stock splits in unison, which is...
A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...
At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...
Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....
At the SPAC of Dawn In a trading session that may find itself built around the release of Fed minutes at 2 pm ET this afternoon, a pair of SPAC targets have added their own fresh information to the mix. Enterprise AI firm Fusemachines, which has a pending combination with CSLM (OTC:CSLMF), put out a...