Northern Star Investment Corp. II (NYSE:NSTB) and Pivotal Investment Corp. III (NYSE:PICC) both announced this afternoon that their extension votes have once again been adjourned.
NSTB and PICC originally scheduled their meetings for December 22 when the pair decided to postpone the votes to today, December 28, to further engage with their stockholders and solicit redemption reversals. A day after doing so, both SPACs announced that they signed non-redemption agreements. The moves were 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 IPO. In exchange, investors are expected to receive a share of 50,000 promote shares from each respective sponsor.
Today, the SPACs have again adjourned the meetings until tomorrow, December 29. NSTB faces a completion deadline of January 28, 2023, but is hoping to gain shareholder approval to extend to July 28, 2023, while PICC has a deadline of February 11, 2023 and is seeking an extension until August 11, 2023.
Northern Star II originally entered into a $4.7 billion business combination with Apex Clearing Holdings on February 22, 2021, just 27 calendar days after its IPO on January 26, 2021. The SPAC was previously forced to postpone its shareholder meeting twice throughout 2021. Northern Star originally scheduled its vote for the end of June 2021, and had to adjourn once again in August 2021 because the SEC had not yet completed its review. The business combination was eventually terminated in December 2021.
As for Pivotal Investment III, the SPAC priced its upsized $240 million IPO in February 2021 with a focus on finding a digital technology target in North America but has not yet announced a business combination. Pivotal II combined with truck-electrification company XL Fleet (NYSE:SPRU), which changed its name to Spruce Power after acquiring a residential solar company. Pivotal I combined with governance solutions firm KLDiscovery (OTC:KLDI) in 2019.
Northern Star II and Pivotal III are both led by New York Islanders-owner Jonathan Ledecky.
At the SPAC of Dawn After what appeared to a pause in activity around the presidential debate, Southport (OTC:PORT) and Future Vision II (NASDAQ:FVNNU) broke the seal yesterday on both new business combinations and IPOs, respectively. Two SPACs are about to come off of the board as well, however, as 99 Acquisition Group (NASDAQ:NNAG) has...
Future Vision II Acquisition Corp. announced the pricing of its $50 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “FVNNU”, Friday, September 12, 2024. The new SPAC intends to focus its search on businesses within the technology, media, and telecommunications sector. Future Vision II’s sponsor team is...
Southport (OTC:PORT) has entered into a definitive agreement to combine with Angel Studios at a pro forma enterprise value of $1.56 billion. Angel Studios produces film and TV content for both streaming and theatrical releases. The combined company is expected to trade on the NYSE or Nasdaq under the symbol “AGSD” once the deal is...
At the SPAC of Dawn Anyone hoping for fireworks at last night’s US presidential debate was unlikely to have been disappointed. But, for many industries and family pets just hoping to be left out of it, it was no dice. On the SPAC side of things, of course no de-SPAC is more tied to this...
At the SPAC of Dawn The market may be in for a rollercoaster 24 hours of macro indicators. Just as the first presidential debate reset market expectations about the political direction of the US, so too did a switch at the top of the ticket by one of the major parties. At 9 pm ET...