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Northern Star Investment Corp. III (NYSE: NSTC) has received notification from NYSE regarding non-compliance with listing rules due to the absence of its Quarterly Report on Form 10-Q for Q1 2021. This delay is attributed to the re-evaluation of accounting treatment for warrants following SEC guidance, resulting in increased demand for third-party accountants. The company is actively working on filing the Form 10-Q, and while immediate effects on trading are not anticipated, failure to file within six months could lead to further sanctions. The firm emphasizes its forward-looking statements and potential risks involved.
Northern Star Investment Corp. III has successfully closed its upsized initial public offering of 40,000,000 units at $10.00 per unit, which includes 5,000,000 units for underwriters’ over-allotment. The units, traded under ticker symbol NSTC.U on the NYSE starting March 2, 2021, consist of one share of Class A common stock and one-sixth of a redeemable warrant. Each whole warrant allows for the purchase of one share at $11.50. The Company focuses on mergers and acquisitions primarily in direct-to-consumer and d digitally-disruptive e-commerce sectors.
Northern Star Investment Corp. III announced the pricing of its upsized IPO of 35,000,000 units at $10.00 each, set to trade on NYSE under the symbol NSTC.U starting March 2, 2021. Each unit includes one share of Class A common stock and one-sixth of a redeemable warrant, allowing for stock purchase at $11.50. The company aims to focus on mergers in direct-to-consumer and e-commerce sectors, led by CEO Joanna Coles. Citigroup Global Markets is the book-running manager and holds a 45-day option for additional units.
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