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).
Ares Acquisition Corporation II (NYSE:AACT) filed its S-1 yesterday afternoon for a $400 million IPO, marking the second SPAC to file for an IPO in March and the largest since December 20, 2021, when Gores Holdings X Inc. filed for a $725 million SPAC. Ares II intends to focus its search on an established target...
Latest SPAC Liquidations: TCV Acquisition Corp. TCV Acquisition Corp. (TCVA) to Liquidate on April 13 TCV Acquisition Corp. (Nasdaq: TCVA) announced that it intends to dissolve and liquidate. It will redeem all of the outstanding Class A ordinary shares that were included in its initial public offering at a per-share redemption price of approximately $10.24. As...
DiamondHead Holding Corps. (NASDAQ:DHHC) announced that it has closed its combination with Great Southern Homes and the combined company will be renamed United Homes Group. The deal was approved by shareholders during a meeting last Thursday, and only 109,426 shares were redeemed in connection with the vote, but DiamondHead saw about 87% redemptions in total...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Volta sued over SPAC deal, Liberty Resources establishes M&A Transition Taskforce, and chancery validates SPACs’ charter amendments and share issuances Volta Sued Over SPAC Deal as $169M Shell Sale Is Approved An investor sued...
Maxpro Capital (NASDAQ:JMAC) announced that it has closed its combination with clinical-stage biotech firm Apollomics and the combined company’s shares and warrants are to begin trading today on the Nasdaq under the symbols “APLM” and “APLMW”, respectively. Apollomics is set to receive $21.35 million in proceeds from a PIPE that Maxpro announced in February and...