Northern Star Investment II said stockholders approved an amendment to the company’s restated certificate of incorporation to remove the provisions applicable to SPACs so that it can continue its corporate existence in an effort to ultimately acquire a business.
The amendment also allowed holders Class A common stock to retain the shares following the final distribution of the funds held in trust so that those shareholders could be able to participate in a transaction that the company may potentially enter into in the future.
The final distribution from the trust will be made March 15. The distribution amount will be approximately $10.447 per share and is expected to be paid by March 20. The public shares will remain outstanding following the distribution and will continue to trade on the OTC Pink.
The SPAC currently has 1,620,989 outstanding shares.
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. Read more.
