Each agreement secures 250,000 shares from redemption for its respective SPAC. In exchange, those investors are to receive 62,500 promote shares (0.6%). The SPACs stated they do not believe the moves will boost the vote at their upcoming special meetings, but will keep more cash in the trust for now.
Both SPACs adjourned their originally scheduled votes on February 24 without concluding any business and will reconvene tomorrow on March 1. Northern Star III and IV have completion deadlines on March 4, and are seeking to extend their timelines to September 4.
Neither SPAC has announced a business combination yet, but both are targeting data-driven consumer businesses. They are led by Chairman and CEO Joanna Coles, CFO James H.R. Brady and President and COO Jonathan Ledecky.
This team earlier completed a combination with subscription pet products seller BarkBox (NYSE:BARK) in May 2021.