Northern Star Acquisition, a blank check company formed by Joanna Coles and SPAC veteran Jonathan Ledecky targeting consumer-focused businesses, raised $250 million by offering 25 million units at $10. The company offered 5 million fewer units than anticipated. Each unit consists of one share of common stock and one-third 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 President and COO Jonathan Ledecky, Chairman of Ironbound Partners and co-owner of the NHL's New York Islanders. Ledecky's previous SPACs include Pivotal Acquisition, which went public in January 2019 and completed its merger with KLDiscovery (KLDI; -20% from $10 offer price) in December 2019, and Pivotal Investment Corp II (PIC; +1%), which went public in July 2019 and recently announced a merger agreement with XL Fleet.
The company plans to target businesses primarily in the beauty, wellness, self-care, fashion, e-commerce, subscription, and digital-media space.
Northern Star Acquisition plans to list on the NYSE under the symbol STIC.U. Citi acted as a lead manager on the deal.
