Northern Star Investment Corp. II (NYSE:NSTB) announced in a press release this morning that it was once again forced to postpone its tentatively scheduled shareholder meeting to approve its combination with Apex Clearing Holdings.
Northern Star II originally scheduled its vote for the end of June, but were forced to postpone at that time because the SEC had not yet completed its review. Flash forward two months later and Northern Star had penciled in August 30th as their new vote date to complete, but the SEC is still holding them up.
As reference, the $4.662 billion NSTB/Apex deal was announced on February 22, 2021, six months ago, so this is a very long review process, indeed. But, as NSTB frustratingly notes, “Despite the Company’s best efforts to have the Staff complete its review since its initial filing more than four months ago, such review has not been completed to date.”
Ironically, NSTB had one of the quickest deal announcements coming just 27 calendar days after NSTB’s IPO on January 26th of this year. However, given that APEX is a digital custody and clearing platform for the financial services industry, perhaps the review process is more complicated that your average SPAC transaction.
Whatever the case may be, NSTB notes they intend to give notice of a new shareholder vote date once the SEC has completed its review.
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: SMX to create new subsidiary, trueSilver, and enters into exclusive agreement with Sunshine Minting SMX Extending Metals Business with trueSilver Aiming Both for Fashion Luxury and Bullion Products SMX (NASDAQ:SMX) is pleased to announce...
Rice II (NYSE: RONI) announced in an 8-K today that its shareholders have approved its combination with energy technology company NET Power with relatively low redemptions. In the end, 21,195,224 shares were redeemed in connection vote, removing 61% of Rice II’s trust. This is the second best result among the 32 deals that have come...
Trajectory Alpha (NYSE:TCOA) announced in an 8-K this morning that it has opted to postpone its June 8 extension vote to June 12 at 10 am ET. The SPAC will use this extra time to engage with shareholders at work to reverse redemption decisions. Trajectory Alpha’s team may still be getting acquainted with some major...
Tracking SPACs and all of their various types of “corporate actions” can be challenging. After all, a SPAC can postpone, adjourn, extend, complete, liquidate early, do a tender offer, and in some cases, one SPAC do all of those actions within its lifespan. Naturally, this can be challenging to manage. More importantly, it can very...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Byju skips payment on dollar loan and HNR affirms intent to purchase equity interests of Pogo Resources High-Flying Indian Startup Byju’s Skips Payment on Dollar Loan One of India’s best-known startups has skipped payment...