Coles and Ledecky's second SPAC Northern Star Investment II prices upsized $350 million IPO

Northern Star Investment II, the second blank check company formed by Joanna Coles and SPAC veteran Jonathan Ledecky, raised $350 million by offering 35 million units at $10. The company offered 5 million more units than anticipated. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50.

The company is led by CEO and Chairperson Joanna Coles, who is currently the Executive Producer of ABC Freeform's "The Bold Type" and previously served as Chief Content Officer of Hearst Magazine and Editor-in-Chief of Cosmopolitan, and COO Jonathan Ledecky, Chairman of Ironbound Partners and co-owner of the NHL's New York Islanders. Management's previous SPAC, Northern Star Acquisition (STIC; +40% from $10 offer price), went public in November 2020 and has a pending merger agreement with BARK, the company behind dog-focused subscription services BarkBox and Super Chewer.

Northern Star Investment II plans to target businesses primarily in the beauty, wellness, self-care, fashion, e-commerce, subscription, and digital-media space. It also plans to look for businesses which create, produce, own, distribute and/or market content, products and services or facilitate the sharing economy.

Northern Star Investment II plans to list on the NYSE under the symbol NSTB.U. Citi acted as a lead manager on the deal.