After postponing their respective extension votes last week, Northern Star Investment III and IV today disclosed they have secured non-redemption agreements, each covering 250,000 shares.
In both cases, the investors participating in the agreements would receive 62,500 sponsor shares for holding onto their stock through completion of a merger.
Each SPAC faces a March 4 deadline, while both seek extensions until September.
The SPACs said if the extension proposals are approved, shareholders would not see any reduction in their redemption price for future extensions or business combinations that could be subject to the 1% excise tax.
Each SPAC raised $350 million in a March 2021 IPO to target businesses primarily in the direct-to-consumer and digitally-disruptive e-commerce spaces. Read more.
Source: Northern Star III and IV Ink Non-Redemption Agreements