Northern Star Investment II and IV in regulatory filings said the NYSE has formally removed the SPACs from the exchange. Both have been The SPACs have been trading OTC since September, pending a review process at the NYSE. Each company fell below the NYSE’s minimum $40 million market cap, triggering the delisting, according to the filings.
The companies intend to seek a listing on the Nasdaq prior to or in connection with a merger.
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.
Since their IPOs in March 2021 Northern Star III and IV have been focused on businesses primarily in the direct-to-consumer and digitally-disruptive e-commerce spaces.
Both SPACs face a termination date coming up in March 2024. Read more.
