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.
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....
EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...