Northern Star Investment II today filed an S-4 outlining terms of its merger agreement with fintech Apex Clearing Holdings. The SPAC set a June 29 meeting date for shareholders to vote on the deal, which values the combined enterprise at $4.7 billion post-money.
If approved, Apex would list on the NYSE under new symbol APX.
The deal is expected to provide up to $850 million of gross cash proceeds at closing, assuming no redemptions of Northern Star’s existing public stockholders and excluding debt repayment and transaction expenses. The transaction includes an upsized, fully-committed $450 million PIPE at $10 per share led by Fidelity Management & Research Company, Baron Capital Group, Coatue, and Winslow Capital Management. All Apex shareholders and management are rolling over 100% of their equity into the combined company.
Apex Clearing Holdings is the parent company of Apex Clearing, a custody and clearing engine that’ partners with broker-dealers, ATS’s, routing firms, professional trading firms, hedge funds, institutions and emerging managers. Read more.
