Northern Star Investment Corp. II Announces Closing of Upsized $400,000,000 Initial Public Offering

Rhea-AI Summary

Northern Star Investment Corp. II successfully completed its upsized initial public offering of 40,000,000 units at $10.00 each, with an additional 5,000,000 units subject to over-allotment. The units began trading on the NYSE under ticker symbol NSTB.U on January 26, 2021. Each unit includes one share of Class A common stock and one-fifth of a redeemable warrant. The company, a blank check corporation, aims to merge with businesses in sectors like beauty, wellness, fashion, and e-commerce. Citigroup Global Markets served as the lead manager for the offering.

Positive

• Upsized IPO of 40,000,000 units indicates strong investor interest.
• Unit price set at $10.00 provides a clear valuation for investors.
• Focus on high-potential sectors (beauty, wellness, e-commerce) may drive future growth.

Negative

• Potential dilution of shares with the issuance of warrants.
• Uncertainty in the effectiveness of net proceeds usage.

Northern Star Investment Corp. II (the “Company”) announced today that it consummated its upsized initial public offering of 40,000,000 units, including 5,000,000 units subject to the underwriters’ over-allotment option, at $10.00 per unit. The units were listed on the New York Stock Exchange (“NYSE”) and began trading on Tuesday, January 26, 2021 under the ticker symbol “NSTB.U”. Each unit consists of one share of the Company’s Class A common stock and one-fifth of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment. Only whole warrants are exercisable and will trade. Once the securities comprising the units begin separate trading, shares of the Class A common stock and redeemable warrants are expected to be listed on the NYSE under the symbols “NSTB” and “NSTB WS,” respectively.

Northern Star Investment Corp. II is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities. While the Company may pursue an initial target business in any stage of its corporate evolution or in any industry or sector, it initially intends to focus its search on target businesses primarily in the beauty, wellness, self-care, fashion, e-commerce, subscription and digital-media sectors. The Company is led by Joanna Coles, Chairperson and Chief Executive Officer, and Jonathan Ledecky, President and Chief Operating Officer.

Citigroup Global Markets Inc. acted as the sole book running manager for the offering.

The offering was made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Telephone: 1-800-831-9146.

Registration statements relating to these securities were filed with the Securities and Exchange Commission (“SEC”) and became effective on January 25, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of net proceeds. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210128006164/en/

FAQ

What was the offering size for Northern Star Investment Corp. II (NSTB.U)?

Northern Star Investment Corp. II completed an initial public offering of 40,000,000 units, including an additional 5,000,000 units for over-allotment.

When did Northern Star Investment Corp. II start trading under the ticker symbol NSTB.U?

The units began trading on the NYSE on January 26, 2021.

What does each unit of NSTB.U consist of?

Each unit consists of one share of Class A common stock and one-fifth of one redeemable warrant.

What sectors is Northern Star Investment Corp. II targeting for business combinations?

The company is focusing on sectors such as beauty, wellness, self-care, fashion, e-commerce, subscription, and digital media.

Who was the lead manager for the IPO of NSTB.U?

Citigroup Global Markets acted as the sole book running manager for the offering.