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

March 2, 2021

Northern Star Investment III, the third 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-sixth 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. The company plans to target the direct-to-consumer and digitally-disruptive e-commerce spaces, focusing on businesses that have powerful relationships with their consumers, value their input, and communicate with them effectively. It also plans to look for businesses which create, produce, own, distribute and/or market content, products and services or facilitate the sharing economy.

Management's other SPACs include Northern Star Investment IV (NSTD.U), which also raised $350 million; Northern Star Investment II (NSTB; +4% from $10 offer price), which went public this past January and has a pending merger agreement with fintech Apex Clearing Holdings; and Northern Star Acquisition (STIC; +29%), which 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 III plans to list on the NYSE under the symbol NSTC.U. Citi acted as a lead manager on the deal.