Northern Star II (NSTB) and Pivotal Investment III (PICC) Ink Non-Redemption Agreements
by Nicholas Alan Clayton on 2022-12-30 at 7:50am

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.

Recent Posts
by Nicholas Alan Clayton on 2023-09-28 at 9:07am

LatAmGrowth SPAC (NASDAQ:LATG) announced in a filing this morning that it will once adjourn its special meeting to liquidate early a second time and will reconvene it at October 5. The proposals on its ballot would initiate the process of winding down the SPAC and return all trust capital to investors outside of $100,000 for...

by Nicholas Alan Clayton on 2023-09-28 at 8:54am

Jaguar Global (NASDAQ:JGGC) announced this morning that its shareholders approved its combination with glass-maker GLAAM at a special meeting September 27. The parties have not yet released redemption figures or a timeline to close, but the combined company is expected to change its name to Captivision. Upon close its shares and warrants are to trade...

by Nicholas Alan Clayton on 2023-09-28 at 7:48am

Mercato Partners (NASDAQ:MPRA) announced in an 8-K this morning that it has tacked on $1.7 million more to the PIPE for its combination with Brazilian software firm Nuvini. The move comes as its shareholders are to vote to complete the deal later today and adds to $11.1 million in PIPE funds it secured earlier this...

by Nicholas Alan Clayton on 2023-09-28 at 7:46am

Crixus BH3 (NASDAQ:BHAC) announced in an 8-K this morning that it will sell its most of its sponsor shares and warrants to a new sponsor entity, which will continue to lead the SPAC. The new sponsor is to buy up 3,746,303 promote shares (65.1%) and 4,160,000 (65%) of the original sponsor’s private placement warrrants for...

by Nicholas Alan Clayton on 2023-09-27 at 5:31pm

GigCapital 5, Inc. (GIA) Signs Non-Redemption Agreements GigCapital 5 (NASDAQ:GIA) announced in an 8-K this morning that it has entered non-redemption agreements with third parties that will secure up to 2,042,903 shares from redemption. One of these third parties is Meteora Capital Partners and the investors have made this commitment with the caveat that none...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved