Northern Star Investment II announced today that the stockholder vote scheduled for Aug. 30 on the SPAC’s propose merger with Apex Clearing Holdings will be postponed.
Northern Star II filed an S-4 in April on the deal, but a review of the form has yet to be completed by the SEC, the SPAC said.
Announced in February, the combined enterprise is valued 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.