Northern Star Investment IV in a regulatory filing said the NYSE has formally removed the SPAC from the exchange. The SPAC has been trading OTC since September, pending a review process at the NYSE. Northern Star IV fell below the NYSE’s minimum $40 million market cap, triggering the delisting.
The company intends 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 its ipo in March 2021 the SPAC has been focused on businesses primarily in the direct-to-consumer and digitally-disruptive e-commerce spaces. The SPAC’s termination date is coming up in March 2024. Read more.
Source: Northern Star Investment IV Delisted From NYSE
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- Source: https://spacfeed.com/northern-star-investment-iv-delisted-from-nyse
