Northern Star Investment Corp. II (NSTB) Adjourns Extension Vote
by Nicholas Alan Clayton on 2023-07-26 at 12:45pm

Northern Star Investment Corp. II  (NYSE:NSTB) announced in an 8-K this afternoon that it has adjourned its special meeting to extend its extension vote to 11 am ET, July 28.

The SPAC plans to use this extra time to engage with investors and effectuate redemption reversals. Its team is practiced at this by now as both it and its sister SPAC Pivotal III adjourned several meetings over the past year and inked non-redemption agreements in between to keep the vehicles chugging.

Northern Star II put together a non-redemption agreement for this vote earlier in the week that would keep 200,000 shares safe from redemption in exchange for a transfer of 40,000 Class A shares from its sponsor. But, even heading into this vote, the SPAC’s trust had been whittled down to $20.9 million after 94.8% redemptions thus far.

A successful vote would push Northern Star II’s deadline out to January 28, 2024 and it is not to be accompanied by a contribution to its trust. Its current redemption value is $10.21 per share and the SPAC last closed at $10.47.

Even with this extension, Northern Star II would have to announce a definitive agreement soon to get this completed before the deadline came again given how long SPAC transactions have taken to get to close on average this year.

Already, Northern Star II is the 11th oldest of 207 SPACs currently searching for a target, having IPO’d in January 2021. Both Northern Star II and Pivotal III are run by Chairman and CEO Jonathan Ledecky, who owns the New York Islanders.

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