Northern Star Investment Corp. III (NYSE:NSTC) and Northern Star Investment Corp. IV (NYSE:NSTD) announced in 8-K filings this morning that they have each added to the shares covered by non-redemption agreements as they work to extend their transaction deadlines.
Yesterday, the SPACs each came to agreements with investors to preserve 250,000 shares in exchange for a dispersal of 62,500 promote shares (0.6%) to these investors. Each has now expanded this coverage 400,000 more shares with those investors receiving 100,000 promote shares (1%) pro rata under the same ratio.
Both SPACs adjourned their originally scheduled votes on February 24 without concluding any business and will reconvene at noon ET today. Northern Star III and IV have completion deadlines on March 4, and are seeking to extend their timelines to September 4.
Neither SPAC has announced a business combination yet, but both are targeting data-driven consumer businesses. They are led by Chairman and CEO Joanna Coles, CFO James H.R. Brady and President and COO Jonathan Ledecky.
This team earlier completed a combination with subscription pet products seller BarkBox (NYSE:BARK) in May 2021.
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