Northern Star Investment II in a regulatory filing said shareholders approved plans to redeem stock and reorganize as a non-SPAC shell company.
This is also expected to allow the SPAC to continue to trade on the OTC Pink until it completes a deal. As a result Northern Star II intends to amend its charter to remove provisions that apply to SPACs, including the requirement to cancel the public shares following distribution of the funds held in trust.
In connection with the meeting, holders of the remaining 291,666 shares of the company’s Class B stock, including those held by the CEO, voluntarily converted the shares into the same number of Class A shares. As a result, Northern Star II now has 11,620,989 Class A shares outstanding and no shares of Class B stock.
Following a January 2021 IPO, the SPAC was initially focused on acquisition targets primarily in the beauty, wellness, self-care, fashion, e-commerce, subscription and digital-media space.
Sister SPACs Northern Star III and IV were delisted from the NYSE in December after each fell below the $40 million minimum market cap. The SPACs now trade OTC and both intend to seek a listing on the Nasdaq prior to or in connection with a merger. Read more.
