Northeern Star Investment IV in a proxy filing plans to ask shareholders for another deadline extension. The prospoal would move the SPAC’s current termination date from Sept. 4 to March 4, 2024.
A shareholders meeting is scheduled for Aug. 31 at 11:30 a.m. Eastern.
There is no mention of an additional cash contribution to trust if the measure is approved.
Northern Star IV in March disclosed that stockholders redeemed 89% of the SPAC’s shares ahead of an 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.
That 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 proxy filing states that Northern Star currently holds about $44.4 million.
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. A private placement that closed concurrently with the IPO elevated the SPAC’s holdings to $400 million. Read more.
