Northern Star III (NSTC) and Northern Star IV (NSTD) Further Expand Non-Redemption Agreements
by Marlena Haddad on 2023-03-02 at 5:14pm

Northern Star Investment Corp. III  (NYSE:NSTC) and Northern Star Investment Corp. IV (NYSE:NSTD) announced in 8-K filings this afternoon that they have each secured additional non-redemption agreements as they work to extend their transaction deadlines.

Both SPACs entered into agreements with several unaffiliated third parties that have agreed to not redeem an aggregate of 800,000 shares. In exchange for the foregoing commitments, each sponsor has agreed to transfer 200,000 shares to the investors immediately following the completion of a business combination.

Today’s agreements follow a series of other non-redemption agreements that the SPACs have secured. Just yesterday, the pair added to the shares covered by non-redemption agreements and the day prior, the SPACs each came to agreements with investors to preserve 250,000 shares in exchange for a dispersal of 62,500 promote shares (0.6%) to these investors.

Both companies adjourned their originally scheduled votes on February 24, but reconvened the meeting yesterday. Northern Star III and IV have not announced the results from the meeting yet, but they have completion deadlines on March 4, and are seeking to extend their timelines to September 4.

These non-redemption agreements are not intended to increase the likelihood of the extension proposal being approved but will increase the funds remaining in their trusts following the meetings.

Neither SPAC has announced a business combination yet, but both are targeting data-driven consumer businesses. They are led by Chairman and CEO Joanna Coles, CFO James H.R. Brady and President and COO Jonathan Ledecky.

This team earlier completed a combination with subscription pet products seller BarkBox (NYSE:BARK) in May 2021.

 

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