Northern Star Investment Corp. II (NYSE:NSTB) and Pivotal Investment Corp. III (NYSE:PICC) each announced this morning that they have signed non-redemption agreements a day after adjourning their extension votes.
The moves are functionally identical with each securing the agreement of third parties not to redeem a total of 200,000 shares in each SPAC that were previously purchased at the vehicles’ IPOs. In exchange, each SPAC’s investors are to receive a share of 50,000 promote shares from the respective sponsor.
Northern Star II and Pivotal III are both led by New York Islanders-owner Jonthan Ledecky and each punted their December 22 extension votes to December 28. Pivotal has slightly more time to work with, facing a deadline of February 11, 2023, while Northern Star II currently has until deadline of January 28, 2023.
Northern Star II originally entered into a $4.7 billion business combination with Apex Clearing Holdings in February but terminated it in December 2021. Pivotal Investment III has not yet announced a transaction but is listed with a stated focus on finding a digital technology target in North America.
Pivotal II combined with truck-electrification company XL Fleet (NYSE:SPRU), which changed its name to Spruce Power after pivoting to household solar and acquiring a company of this name. Pivotal I combined with governance solutions firm KLDiscovery (OTC:KLDI) in 2019.
The earlier iteration of Northern Star meanwhile combined with pet products ecommerce platform BarkBox (NYSE:BARK).
At the SPAC of Dawn The markets appear to poised to continue a rosy week with futures in the green in anticipation of PCE inflation readings. Space is one of the sectors feeling the most love recently and launch services firm Rocket Lab (NASDAQ:RKLB) is keeping up the momentum, scheduling two launches within 48 hours...
FIGX Acquisition Corp. (NASDAQ:FIGXU) announced the pricing of its $131 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “FIGXU”, Friday, June 27, 2025. The new SPAC aims to seek out a financial services target with a particular focus on wealth and asset managers with the potential to...
Yorkville Acquisition Corp. (NASDAQ:YORKU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “YORKU”, Friday, June 27, 2025. The new SPAC plans to combine with a target company in the telecom, media or technology sectors. Yorkville Acquisition Corp.’s management team is led...
At the SPAC of Dawn As pressure on Fed Chairman Jerome Powell increases, the market is set to ingest a raft of new indicators today as well as hear from Cleveland Fed President Beth Hammack on the potential interest rate path. Today will also see June’s 8th SPAC IPO as Cantor Equity Partners III Inc....
Cantor Equity Partners III Inc. (NASDAQ:CAEP) announced the pricing of its upsized $240 million IPO and its shares are expected to begin trading on the Nasdaq under the symbol “CAEP”, Thursday, June 26, 2025. The new SPAC plans to combine with a target company in an industry where its management has relevant expertise such financial...