Latest Non-Redemption Agreements: Northern Star Investment Corp. III, IV
Northern Star Investment Corp. III (NSTC) Adds Non-Redemption Agreement
On August 25, Northern Star III Sponsor LLC, 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 508,000 shares.
In exchange for the foregoing commitment not to redeem such shares, the sponsor has agreed to transfer to such investors an aggregate of 101,600 shares immediately following the consummation of a business combination if they continue to hold such shares through the meeting.
The 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.
READNorthern Star Investment Corp. IV (NSTD) Adds Non-Redemption Agreement
On August 25, Northern Star IV Sponsor LLC, the sponsor of Northern Star Investment Corp. IV (NYSE:NSTD), entered into agreements with several unaffiliated third parties in exchange for them agreeing not to redeem an aggregate of 600,000 shares.
In exchange for the foregoing commitment not to redeem such shares, the sponsor has agreed to transfer to such investors an aggregate of 120,000 shares immediately following the consummation of an initial business combination if they continue to hold such shares through the meeting.
The 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
Terms Tracker for the Week Ending December 8, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Well that escalated quickly. While last week was quiet, this week was far busier. SPACs saw one IPO start trading after pricing on Friday of...
Mobiv Acquisition Corp. (NASDAQ:MOBV) announced this afternoon that it has closed its combination with EV motorcycle-maker SRIVARU. Shareholders originally approved the deal at a special meeting held back on September 28, but at that time, the parties expected the transaction to take just a week to close. Redemptions whittled Mobiv’s IPO share pool of 10,005,000 down...
Achari Ventures I (NASDAQ:AVHI) has entered into a definitive agreement to combine with medtech firm Vaso Corporation at an equity value of $176 million, or 19.5x its 2022 adjusted EBITDA. Wuxi, China-based Vaso provides IT services and sales support to medical device manufacturers. The combined company is expected to trade on the Nasdaq under the...
EF Hutton Acquisition Corp. I (NASDAQ:EFHT) announced this morning that its shareholders have approved its business combination with E.C.D. Auto Design. At the meeting, there were 5,089,203 shares of common stock, representing approximately 76.82% of the issued and outstanding shares of common stock, present. In connection with the meeting, the company’s stockholders holding 3,470,945 shares,...
Legato Merger Corp. III (NYSE:LEGT) filed for a $175 million IPO yesterday afternoon, becoming the fourth SPAC to file this week. While the other three SPACs that filed their S-1s earlier this week intend to pursue targets in the financial services and biotech industries, Legato III, similar to the earlier Legato SPACs, will focus on...