Northern Star Investment III and IV in regulatory filings announced their shareholders approved deadline extensions up to March 4, 2024 for each SPAC.
For Northern Star III, the vote was 13,460,977 in favor of the extension with 192 against. In an unusual result for SPACs in the current climate, the vote to extend Northern Star IV’s deadline was unanimous.
Redemptions of 1,720,144 shares in Northern Star III left 2,280,008 public shares outstanding as of Aug. 31.
Investors in Northern Star IV redeemed 1,913,350 shares, leaving 2,299,561 shares outstanding.
As a preemptive defense, Northern Star III and IV each secured non-redemption agreements — for 708,000 and 800,000 shares, respectively, going into their extension votes.
Each SPAC raised $350 million in March 2021 IPOs, although redemptions since then have chiseled away at their trust accounts since then.
Both SPACs have been targeting businesses primarily in the direct-to-consumer and digitally-disruptive e-commerce spaces. Read more.
