Latest Non-Redemption Agreements: Northern Star Investment Corp. IV, Northern Star Investment Corp. III, and Concord II
Northern Star Investment Corp. IV (NSTD) Adds Non-Redemption Agreement
On August 22, and August 23, Northern Star IV’s (NYSE:NSTD) sponsor, entered into agreements with several unaffiliated third parties in exchange for them agreeing not to redeem an aggregate of 1,400,000 shares.
In exchange for the foregoing commitment not to redeem such shares, the sponsor has agreed to transfer to such investors an aggregate of 280,000 shares of the company held by the sponsor immediately following consummation of an initial business combination if they continue to hold such Non-Redeemed Shares.
The Non-Redemption Agreements are not expected to increase the likelihood that the extension is approved by stockholders but will increase the amount of funds that remain in the trust account following the meeting.READ
Northern Star Investment Corp. III (NSTC) Adds Non-Redemption Agreement
On August 22, and August 23, Northern Star III Sponsor, the sponsor of Northern Star Investment Corp. III (NYSE:NSTC) entered into agreements with several unaffiliated third parties in exchange for them agreeing not to redeem an aggregate of 1,492,000 shares.
In exchange for the foregoing commitment not to redeem such shares, the sponsor has agreed to transfer to such investors an aggregate of 298,400 shares of the company immediately following the consummation of an initial business combination if they continue to hold such Non-Redeemed Shares.READ
Concord Acquisition Corp II (CNDA) Adds Non-Redemption Agreement
On August 23, Concord Acquisition Corp II (NYSE:CNDA) and Concord Sponsor Group II LLC entered into one or more agreements with one or more third parties in exchange for them agreeing not to redeem shares of Class A common stock.
The non-redemption agreements provide for, upon closing of an initial business combination, the allocation to each such investor of a number of shares of Class A Common Stock as set forth in the agreement and the sponsor’s surrender and forfeiture to the company for no consideration of a number of shares of Class B common stock equal to the number of Promote Shares, in exchange for such investor and/or investors agreeing to hold and not redeem certain public shares in connection with the meeting.
The agreements shall terminate on the earlier of the failure of the stockholders to approve the extension, the company’s determination not to proceed with the extension, the fulfillment of all obligations of parties to the agreements, the liquidation or dissolution of the company, the mutual written agreement of the parties or if the applicable investor exercises its redemption rights with respect to any Investor Shares in connection with the meeting and such Investor Shares are actually redeemed.READ
FG Merger III Corp. filed for a $150 million IPO yesterday afternoon, marking the third SPAC to file on Wednesday. Similar to Blue Room (NASDAQ:IBLUU), which filed its $200 million IPO yesterday morning, FG Merger III intends to focus its search for a target business in the financial services industry in North America. Notably, FG...
10X Capital Venture Acquisition Corp. II (NASDAQ:VCXA) announced that it has completed its business combination with African Agriculture after shareholders approved the deal at a special meeting held on December 5. In connection with the meeting, 10X II received redemption requests for 1,857,033 Class A ordinary shares, representing 98.7% in aggregate redemptions since 10X II’s...
At the SPAC of Dawn The latter half of 2023 has largely told a story of retrenchment in the SPAC market as much of the excess in the domain has found itself terminating and liquidating. But, the increase in outgoing has not completely canceled out the boom in incoming as three new SPACs filed to...
TechyBird Acquisition Corp. (NASDAQ:TKBD) filed for a $60 million IPO today, putting it in line to become the second 2023 IPO from an underwriter that is relatively new to the SPAC space. That underwriter, Spartan Capital Securities, brought Aimei Health Technology (NASDAQ:AFJK) to market last week with similar terms as this new member to its...
Blue Room Acquisition Corp. (NASDAQ:IBLUU) submitted its S-1 filing this morning for a $200 million IPO. The new SPAC has set its sights on targets in the financial sector, ranging in market value between $250 million and $500 million, and primarily situated in the U.S. Its primary objective is to identify an innovative company leveraging...