Northern Star IV in an 8-K today disclosed that stockholders redeemed 89% of the SPAC’s shares ahead of a deadline extension vote. Even with a non-redemption agreement in place, covering 1.6 million shares, the SPAC was left with about 4.2 million shares outstanding.
This prompted the sponsor to convert 9.7 million Class B shares into a like number of Class A shares, boosting the number of Class A shares outstanding to 13.9 million with 291,666 shares of Class B stock remaining.
The approved extension now gives Northern Star IV until September to seal a deal.
The SPAc raised $350 million in a March 2021 IPO to target businesses primarily in the direct-to-consumer and digitally-disruptive e-commerce spaces. Read more.
