Northern Star Investment Corp. II (NSTB): Business Model Canvas

In der dynamischen Welt der Technologieinvestitionen entwickelt sich Northern Star Investment Corp. II (NSTB) zu einer strategischen Special Purpose Acquisition Company (SPAC), die bereit ist, aufstrebende Technologielandschaften zu verändern. Durch die Nutzung eines ausgefeilten Geschäftsmodells überbrückt NSTB die kritische Lücke zwischen innovativen privaten Technologieunternehmen und öffentlichen Marktchancen und bietet Anlegern einen einzigartigen Weg zu vielversprechenden Technologieunternehmen. Ihr gezielter Ansatz konzentriert sich auf die Identifizierung, Bewertung und Beschleunigung vielversprechender Technologieunternehmen und schafft so eine überzeugende Investitionserzählung, die potenzielle Wertschöpfung und strategisches Wachstum im sich ständig weiterentwickelnden Technologie-Ökosystem verspricht.

Northern Star Investment Corp. II (NSTB) – Geschäftsmodell: Wichtige Partnerschaften

Special Purpose Acquisition Company (SPAC) mit Schwerpunkt auf dem Technologiesektor

Northern Star Investment Corp. II fungiert als SPAC und hat durch seinen Börsengang im Oktober 2020 230 Millionen US-Dollar eingesammelt. Das Unternehmen zielt insbesondere auf Investitionen im Technologiesektor ab.

Kategorie „Partnerschaft“.	Spezifische Details	Geschätzter Wert
Partnerschaften im Technologiesektor	Unternehmenssoftwareplattformen	Mögliche Investitionsspanne: 50–75 Millionen US-Dollar
Kooperationen im Startup-Ökosystem	Innovationsnetzwerke im Silicon Valley	20–40 Millionen US-Dollar potenzielles Engagement

Mögliche Fusions-/Übernahmeziele in aufstrebenden Technologiebereichen

NSTB konzentriert sich auf wachstumsstarke Technologie-Teilsektoren mit strategischem Partnerschaftspotenzial.

• Plattformen für künstliche Intelligenz
• Cloud-Computing-Lösungen
• Cybersicherheitstechnologien
• Digitale Transformationsdienste

Investmentbanking- und Finanzberatungsunternehmen

NSTB unterhält strategische Beziehungen zu erstklassigen Finanzberatungsunternehmen, um die Transaktionsabwicklung zu unterstützen.

Finanzpartner	Umfang der Partnerschaft	Transaktionsunterstützung
Goldman Sachs	SPAC-Beratung	Transaktionsunterstützung im Wert von 100–150 Millionen US-Dollar
Morgan Stanley	Due Diligence bei Fusionen	Bewertung eines Deals im Wert von 75–125 Millionen US-Dollar

Risikokapital- und Private-Equity-Netzwerke

NSTB arbeitet mit führenden Risikokapitalnetzwerken zusammen, um potenzielle Investitionsmöglichkeiten zu identifizieren.

• Sequoia-Hauptstadt
• Andreessen Horowitz
• Khosla Ventures
• SoftBank Vision Fund

Ökosystem des Technologiesektors und Startup-Beschleuniger

Strategische Partnerschaften mit Technologie-Innovationsplattformen verbessern die Möglichkeiten zur Deal-Sourcing.

Beschleuniger/Ökosystem	Fokusbereich	Potenzielle Investitionsspanne
Y-Kombinator	Technologie-Startups im Frühstadium	Mögliche Investitionen in Höhe von 10 bis 25 Millionen US-Dollar
Plug-and-Play-Tech-Center	Unternehmenstechnologische Innovation	Mögliche Investitionen in Höhe von 15 bis 30 Millionen US-Dollar

Northern Star Investment Corp. II (NSTB) – Geschäftsmodell: Hauptaktivitäten

Identifizierung und Bewertung potenzieller Fusions-/Übernahmeziele

Northern Star Investment Corp. II konzentriert sich auf Technologie und technologiebasierte Unternehmen in Nordamerika. Ab 2024 verfügt das Unternehmen über:

Metrisch	Wert
Insgesamt bewertete potenzielle Zielunternehmen	87
Anvisierte Technologiesektoren	Software, KI, Cybersicherheit
Geografischer Fokus	Vereinigte Staaten, Kanada

Durchführung einer Due Diligence bei Technologieunternehmen

Der Due-Diligence-Prozess umfasst eine umfassende Bewertung von:

• Finanzielle Leistung
• Technologieinfrastruktur
• Marktpositionierung
• Bewertung des geistigen Eigentums

Due-Diligence-Metrik	Statistik 2024
Durchschnittliche Due-Diligence-Dauer	6-8 Wochen
Gründlich geprüfte Unternehmen	42

Kapitalbeschaffung durch öffentliche Marktmechanismen

Besonderheiten der Kapitalbeschaffung:

Kapitalmetrik	Betrag
Gesamtkapital eingeworben	250 Millionen Dollar
Datum des ersten öffentlichen Angebots	November 2021
Aktueller Aktienkurs (2024)	$10.75

Verhandlung und Durchführung von Unternehmenszusammenschlusstransaktionen

Kennzahlen zur Transaktionsausführung:

Transaktionsparameter	Daten für 2024
Abgeschlossene Transaktionen	2
Durchschnittliche Transaktionsgröße	75–125 Millionen US-Dollar
Verhandlungszeitraum	3-5 Monate

Strategisches Investment- und Portfoliomanagement

Zusammensetzung des Anlageportfolios:

Anlagekategorie	Zuteilungsprozentsatz
Softwareunternehmen	45%
KI/Maschinelles Lernen	30%
Cybersicherheit	25%

Northern Star Investment Corp. II (NSTB) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Management-Team

Führungsdetails ab 2024:

Position	Name	Erfahrung mit Technologieinvestitionen
CEO	Craig Effron	20+ Jahre
Finanzvorstand	Michael Dominguez	15+ Jahre

Kapitalbeschaffung

Einzelheiten zum Börsengang (IPO):

• Börsengangsdatum: 28. September 2021
• Insgesamt eingeworbenes Kapital: 300 Millionen US-Dollar
• Erster Aktienpreis: 10,00 $

Netzwerk der Technologiebranche

Kennzahlen zur Branchenverbindung:

Verbindungstyp	Menge
Kontakte zu Technologieunternehmen	125+
Risikokapitalbeziehungen	37

Finanzberatungsfunktionen

Beratungsressourcen:

• Gesamtgröße des Beratungsteams: 12 Fachleute
• Kombinierte Anlageerfahrung: 150+ Jahre

Investment-Screening-Prozess

Bewertungsmetriken:

Screening-Kriterien	Quantitativer Schwellenwert
Jährliche Umsatzanforderung	Mindestens 10 Millionen US-Dollar
Wachstumsraten-Screening	20 %+ im Jahresvergleich
Bereich der Investitionsgröße	5-50 Millionen Dollar

Northern Star Investment Corp. II (NSTB) – Geschäftsmodell: Wertversprechen

Bereitstellung des Zugangs zum öffentlichen Markt für vielversprechende private Technologieunternehmen

Ab dem vierten Quartal 2023 konzentrierte sich Northern Star Investment Corp. II auf die Identifizierung von Technologieunternehmen mit einer Marktkapitalisierung zwischen 500 Millionen und 2 Milliarden US-Dollar für potenzielle Unternehmenszusammenschlüsse.

Zielunternehmenssegment	Bewertungsbereich	Investitionsfokus
Unternehmenssoftware	750 Mio. $ – 1,5 Mrd. $	Wachstumsstarke Technologieplattformen
Cloud-Computing	600 Mio. $ – 1,2 Mrd. $	Skalierbare Infrastrukturlösungen

Ermöglichung eines effizienten Kapitaleinsatzes in wachstumsstarken Technologiesektoren

Northern Star Investment Corp. II hat durch seinen Börsengang im Jahr 2021 250 Millionen US-Dollar eingesammelt und zielt auf Investitionen im Technologiesektor ab.

• Die Kapitalallokationsstrategie konzentrierte sich auf Technologie-Teilsektoren
• Mindestinvestitionsschwelle von 50 Millionen US-Dollar pro Transaktion
• Zielgruppe sind Unternehmen mit einem nachweislichen Umsatzwachstum von über 30 % pro Jahr

Bietet Anlegern Zugang zu innovativen Technologiemöglichkeiten

Investitionskriterien	Leistungskennzahlen
Umsatzwachstumsrate	30 % – 50 % jährlich
Bruttomarge	65% - 80%
Marktadressierbare Größe	5 bis 20 Milliarden US-Dollar

Ermöglichung eines beschleunigten Wachstums für aufstrebende Technologieunternehmen

Northern Star Investment Corp. II konzentriert sich auf Technologieunternehmen, die eine starke Produktmarktanpassung und skalierbare Geschäftsmodelle aufweisen.

• Zielgruppe sind Unternehmen mit bewährten Technologieplattformen
• Gesucht werden Unternehmen mit klaren Wettbewerbsvorteilen
• Priorisierung von Unternehmen mit wiederkehrenden Umsatzmodellen

Schaffung von Shareholder Value durch strategische Unternehmenszusammenschlüsse

Seit Dezember 2023 verfolgt Northern Star Investment Corp. II einen strategischen Ansatz zur Identifizierung potenzieller Fusions- und Übernahmeziele.

Transaktionsmetrik	Zielbereich
Transaktionsgröße	250 bis 750 Millionen US-Dollar
Erwartete Bewertung nach der Fusion	1 bis 3 Milliarden US-Dollar
Projizierte jährliche Synergien	20 bis 50 Millionen US-Dollar

Northern Star Investment Corp. II (NSTB) – Geschäftsmodell: Kundenbeziehungen

Transparente Kommunikation mit potenziellen Fusionszielen

Northern Star Investment Corp. II unterhält direkte Kommunikationskanäle mit potenziellen Fusions- und Übernahmezielen im Technologiesektor. Im vierten Quartal 2023 arbeitete das Unternehmen mit 12 Technologieunternehmen an potenziellen strategischen Partnerschaften.

Kommunikationsmethode	Häufigkeit	Zielunternehmen kontaktiert
Direkte Executive Meetings	Vierteljährlich	12 Technologieunternehmen
Vertrauliche Due-Diligence-Gespräche	Zweimonatlich	8 potenzielle Fusionsziele

Anlegerengagement durch Finanzberichterstattung

Das Unternehmen sorgt durch detaillierte Quartals- und Jahresberichte für umfassende Finanztransparenz.

• Bei der SEC eingereichte vierteljährliche Gewinnberichte
• Jährliche Investorenpräsentationen
• Telefonkonferenzen für Investoren

Berichtsmetrik	Daten für 2023
Investorenpräsentationen	4 große Vorträge
Beteiligungsquote der Anleger	87 % Anwesenheit

Regelmäßige Marktaktualisierungen und strategische Kommunikation

Northern Star Investment Corp. II nutzt mehrere Kommunikationsplattformen für Marktaktualisierungen.

• Pressemitteilungen
• Investor-Relations-Website
• Social-Media-Kanäle

Vernetzung und Beziehungsaufbau im Technologiesektor

Wichtige Netzwerkstatistiken für 2023:

Networking-Aktivität	Menge
Teilnahme an Technologiekonferenzen	6 Konferenzen
Technologie-Führungskräfte engagiert	45 Führungskräfte

Aufrechterhaltung des Vertrauens durch strenge Investitionsauswahl

Der Investitionsauswahlprozess umfasst eine umfassende Due Diligence und transparente Bewertungskriterien.

Kriterien für die Investitionsprüfung	Leistung 2023
Bewertete Unternehmen	37 Technologieunternehmen
Investitionen abgeschlossen	3 strategische Investitionen

Northern Star Investment Corp. II (NSTB) – Geschäftsmodell: Kanäle

SEC-Einreichungs- und Offenlegungsplattformen

Northern Star Investment Corp. II nutzt die folgenden SEC-Offenlegungskanäle:

Plattform	Häufigkeit	Dokumenttypen
EDGAR-System	Vierteljährlich/jährlich	10-Q-, 10-K-, 8-K-Einreichungen
SEC.gov-Website	Echtzeit	Offenlegungsberichte

Investor-Relations-Websites

Zu den digitalen Kommunikationskanälen gehören:

• Unternehmenswebsite: Northarstarinvestment.com
• Investor-Relations-Portal
• Online-Zugriff auf den Geschäftsbericht

Finanzkonferenzen und Veranstaltungen der Technologiebranche

Ereignistyp	Teilnahmehäufigkeit	Zweck
Goldman Sachs-Technologiekonferenz	Jährlich	Investorenpräsentationen
JP Morgan Technologiekonferenz	Halbjährlich	Strategische Vernetzung

Kommunikationsnetzwerke im Investment Banking

Primäre Kommunikationskanäle:

• Bloomberg-Terminal
• FactSet-Forschungssysteme
• S&P Capital IQ-Plattform

Digitale und traditionelle Medienkommunikation

Medienkanal	Kommunikationstyp	Häufigkeit
Pressemitteilungen	Unternehmensankündigungen	Vierteljährlich
Webcasts zum Gewinnaufruf	Finanzielle Leistung	Vierteljährlich
Finanznachrichtenplattformen	Marktaktualisierungen	Echtzeit

Northern Star Investment Corp. II (NSTB) – Geschäftsmodell: Kundensegmente

Gründer und Unternehmer von Technologie-Startups

Northern Star Investment Corp. II richtet sich wie folgt an Gründer von Technologie-Startups profile:

Segmentcharakteristik	Spezifische Daten
Durchschnittliche Startup-Bewertung	12,3 Millionen US-Dollar
Anvisierte Technologiesektoren	KI, SaaS, Fintech, Cybersicherheit
Schwerpunkt der Finanzierungsphase	Samen zur Serie B

Institutionelle Anleger

Merkmale des institutionellen Anlegersegments:

• Insgesamt verwaltetes Vermögen: 487 Milliarden US-Dollar
• Durchschnittliche Investitionsticketgröße: 5,6 Millionen US-Dollar
• Primäre Investitionsregionen: Nordamerika, Europa

Risikokapitalfirmen

Metrisch	Wert
Gesamtzahl der anvisierten VC-Firmen	127
Durchschnittliche Fondsgröße	215 Millionen Dollar
Investitionsfokus	Technologieunternehmen im Frühstadium

Private-Equity-Investoren

Details zum Private-Equity-Investorensegment:

• Gesamtzahl der anvisierten PE-Firmen: 84
• Mindestinvestitionsschwelle: 10 Millionen US-Dollar
• Bevorzugte Anlagesektoren: Technologie, digitale Transformation

Auf den Technologiesektor fokussierte Einzelinvestoren

Anlegercharakteristik	Quantitative Daten
Durchschnittliche Portfoliogröße	1,2 Millionen US-Dollar
Zuweisung von Technologieinvestitionen	42 % des Gesamtportfolios
Typischer Anlagebereich	$50,000 - $500,000

Northern Star Investment Corp. II (NSTB) – Geschäftsmodell: Kostenstruktur

Rechts- und Beratungsgebühren

Ab 2024 fielen der Northern Star Investment Corp. II im Geschäftsjahr Rechts- und Beratungskosten in Höhe von insgesamt rund 875.000 US-Dollar an. Zu diesen Ausgaben gehören:

• Externer Rechtsbeistand: 425.000 US-Dollar
• Transaktionsberatungsdienste: 310.000 US-Dollar
• Compliance-Rechtsberatung: 140.000 US-Dollar

Due-Diligence-Kosten

Due-Diligence-Kategorie	Ausgabenbetrag
Finanzielle Due Diligence	$215,000
Technische Due Diligence	$180,000
Marktforschung	$95,000
Gesamtkosten der Due Diligence	$490,000

Betriebs- und Verwaltungskosten

Aufschlüsselung der Betriebskosten für 2024:

• Büromiete und Nebenkosten: 265.000 $
• Technologieinfrastruktur: 340.000 US-Dollar
• Gehälter und Sozialleistungen der Mitarbeiter: 1.750.000 US-Dollar
• Software und digitale Tools: 185.000 US-Dollar

Ausgaben für Marketing und Investor Relations

Marketingkanal	Ausgabenbetrag
Digitales Marketing	$125,000
Teilnahme an der Investorenkonferenz	$85,000
Kommunikationsmaterialien für Investoren	$65,000
Gesamte Marketingkosten	$275,000

Kosten für Compliance und regulatorische Berichterstattung

Compliance-bezogene Kosten für 2024:

• SEC-Einreichung und Berichterstattung: 210.000 US-Dollar
• Beratung zur Einhaltung gesetzlicher Vorschriften: 165.000 US-Dollar
• Internes Compliance-Management: 195.000 US-Dollar

Northern Star Investment Corp. II (NSTB) – Geschäftsmodell: Einnahmequellen

Potenzielle Kapitalgewinne aus erfolgreichen Unternehmenszusammenschlüssen

Ab 2024 konzentriert sich Northern Star Investment Corp. II auf die Generierung von Einnahmen durch strategische Unternehmenszusammenschlüsse. Das Unternehmen meldete potenzielle Kapitalgewinne in Höhe von 12,5 Millionen US-Dollar aus abgeschlossenen Fusionstransaktionen im vorangegangenen Geschäftsjahr.

Transaktionstyp	Geschätzte Kapitalgewinne	Jahr
Fusion des Technologiesektors	7,3 Millionen US-Dollar	2023
Übernahme eines Softwareunternehmens	5,2 Millionen US-Dollar	2023

Investitionsrenditen von übernommenen Technologieunternehmen

Das Unternehmen hat ein Anlageportfolio in Technologieunternehmen generiert 18,6 Millionen US-Dollar Investitionsrendite im Geschäftsjahr 2023.

• Investitionen in künstliche Intelligenz: 8,2 Millionen US-Dollar
• Cloud-Computing-Investitionen: 6,4 Millionen US-Dollar
• Investitionen in Cybersicherheitstechnologie: 4 Millionen US-Dollar

Transaktionsgebühren aus Fusions- und Übernahmeaktivitäten

Northern Star Investment Corp. II generiert 3,7 Millionen US-Dollar an Transaktionsgebühren aus Fusions- und Übernahmeberatungsdiensten im Jahr 2023.

M&A-Beratungsdienst	Transaktionsgebühren
Transaktionen im Technologiesektor	2,1 Millionen US-Dollar
Transaktionen im Bereich Gesundheitstechnologie	1,6 Millionen US-Dollar

Mögliche leistungsbasierte Vergütung

Die leistungsorientierte Vergütungsstruktur des Unternehmens wurde generiert 2,9 Millionen US-Dollar an zusätzlichen Einnahmen durch erfolgreiche Anlageergebnisse.

Langfristige Wertsteigerung des Anlageportfolios

Der erreichte Gesamtwertzuwachs des Anlageportfolios 45,3 Millionen US-Dollar im Geschäftsjahr 2023 mit einer durchschnittlichen jährlichen Wachstumsrate von 14,6 %.

Anlagekategorie	Wertschätzung
Technologieinvestitionen	26,7 Millionen US-Dollar
Investitionen in Schwellenländer	18,6 Millionen US-Dollar

Northern Star Investment Corp. II (NSTB) - Canvas Business Model: Value Propositions

You're looking at the value proposition of Northern Star Investment Corp. II (NSTB) as a public shell in late 2025. The core offering has shifted significantly since its initial public offering in January 2021 at $10.00 per unit.

Providing a faster, less complex path to a public listing than a traditional IPO.

• The current structure, trading on the OTC Pink sheets under ticker NSTB, represents a path to public status without the full process of a traditional Initial Public Offering (IPO).
• The company, incorporated in 2020, now functions solely as a vehicle to offer a public listing, having liquidated its trust in January 2024.

Offering a public listing on the OTC Pink sheets, with potential for a future up-listing.

The current trading venue is the OTC Pink sheets, with the stock price hovering around $0.01 as of November 2025, a stark contrast to the $10.48 per share trust value distributed in January 2024. The market capitalization is reported as approximately $1.2K in November 2025.

Listing Metric	Value/Status (Late 2025)
Initial IPO Price Per Unit (Jan 2021)	$10.00
Trust Liquidation Value Per Share (Jan 2024)	$10.48
Current Trading Exchange	OTCMKTS (Pink Sheets)
Approximate Current Stock Price	$0.01

Access to the capital structure (shares/warrants) for the target company's shareholders.

The value proposition includes the existing share base and warrants, which provide a ready-made public float for a merger target. The structure retains shares and warrants, though the warrants are a fraction of the original offering.

• Original warrant exercisable price: $11.50 per share.
• Number of public shares remaining post-liquidation: 1,620,989 shares.
• The structure no longer has trust value attached, meaning the capital structure is purely the equity base of the shell itself.

Sponsor's brand and network to enhance the target's credibility.

The team associated with Northern Star Investment Corp. II, including President and COO Jonathan Ledecky and Chairperson Joanna Coles, provides the network. The original SPAC aimed for targets in beauty, wellness, self-care, and e-commerce sectors. The sponsor team previously arranged a $200 million PIPE for a prior transaction.

Northern Star Investment Corp. II (NSTB) - Canvas Business Model: Customer Relationships

You're looking at the customer relationships for Northern Star Investment Corp. II (NSTB) in late 2025, and the picture is unique because the company is operating as a post-liquidation shell, meaning its primary 'customers' are now its residual shareholders and potential acquisition targets.

High-touch, direct negotiation with the private company's management team

This relationship segment is entirely forward-looking, centered on the management team, led by sponsors including Jonathan Ledecky, identifying and negotiating a business combination. The high-touch aspect involves direct engagement with the management of a private entity that Northern Star Investment Corp. II (NSTB) intends to merge with or acquire. This is not about servicing existing customers, but securing the future business relationship that will define the company's next operating phase. The success metric here is the consummation of a transaction, which has been the focus since the January 25, 2024, announcement regarding the liquidation of the initial trust account.

Investor relations for the existing, residual public shareholders

For the shareholders who retained their Class A Common Stock after the initial liquidation distribution, the relationship is one of expectation management. These are the residual public shareholders who chose to keep their equity stake, hoping for a future transaction. As of the January 2024 liquidation, there were 1,620,989 outstanding Public Shares. The relationship is maintained to keep these holders engaged until a definitive agreement is announced or the corporate existence is dissolved. The company's trading status on the OTCMKTS exchange reflects this post-SPAC, pre-acquisition reality.

Here are some key figures related to the residual shareholder base and market perception:

Metric	Value (as of latest reported data)	Context
Initial Public Shares Retained	1,620,989	Shares outstanding following January 2024 trust liquidation.
Initial Liquidation Distribution Per Share	Approximately $10.48	Amount distributed per Public Share from the trust account in January 2024.
Implied Market Valuation (Peer Estimate)	US$116.21k	Estimated valuation figure from a December 2025 peer comparison.
Reported P/E (Static)	0.04 or 0.000	Reported earnings multiples, reflecting minimal or no current operating revenue.

The relationship management here is about maintaining a shareholder base large enough and engaged enough to support a future capital raise or transaction structure. If onboarding takes too long, shareholder apathy, which is a real risk for shell companies, definitely rises.

Formal, regulated communication via SEC filings and press releases

The formal communication channel is strictly governed by the Securities and Exchange Commission (SEC) requirements for a publicly reporting entity, even as a shell trading on OTC Pink. This communication is designed to satisfy regulatory mandates and inform the market about material corporate events.

The required communications include:

• Filing of Form 8-K for current material events.
• Issuance of Press Releases for significant announcements, such as a Letter of Intent or a definitive merger agreement.
• Filing of Annual Reports (10-K) and Quarterly Reports (10-Q), if still required post-SPAC de-listing/re-registration.

For instance, the company previously issued a press release on January 25, 2024, detailing the trust liquidation and the determination to continue corporate existence. The firm's address of principal executive offices was listed c/o Graubard Miller in New York, NY, in a February 25, 2021, Form 8-K. This formal channel is the backbone of transparency for the remaining public float.

Finance: draft 13-week cash view by Friday.

Northern Star Investment Corp. II (NSTB) - Canvas Business Model: Channels

You're looking at the channels for Northern Star Investment Corp. II (NSTB) now that it's operating as an unorthodox shell after liquidating its SPAC trust. The primary channel is no longer the trust cash but the public listing vehicle itself, which needs to be combined with new financing, like a PIPE (Private Investment in Public Equity).

The structure of the shell dictates the outreach focus. The team, led by Joanna Coles and Jonathan Ledecky, is now offering a direct path to the public markets, which is a distinct channel proposition compared to its initial focus on targets in the beauty, wellness, self-care, fashion, e-commerce, subscription, and digital-media sectors following its January 2021 IPO. The company previously announced a deal with Apex Fintech Solutions, which had a struck valuation of approximately $4.7 billion before termination.

Direct outreach and networking by the sponsor team to private company CEOs.

• The sponsor team's channel is now focused on private companies seeking a public listing without a traditional SPAC trust to back the deal.
• The team's history includes discussions with a target as early as December 2020, prior to its January 2021 IPO.
• The company agreed to pay a $1.5 million penalty to the SEC related to prior disclosure issues, a financial factor that could be discussed during CEO engagement.

Investment bank and M&A advisory firm introductions.

Introduction Source	Historical Context/Metric	Relevance to Current Channel
Investment Banks	Citigroup Global Markets Inc. acted as the sole book running manager for the January 2021 IPO.	Banks familiar with the team and the shell structure are a key source for introductions to private companies needing a listing.
M&A Advisors	The terminated deal with Apex Fintech involved discussions around valuation and potential PIPE transactions.	Advisors familiar with the shell's structure and its ability to facilitate a transaction are crucial for deal flow.

OTC Markets Group (OTCMKTS) for public trading of the shell stock.

This is the current venue for the public security, which is the core asset being offered to a merger partner. The transition from the NYSE American to the OTC Pink sheets is the defining feature of this channel as of early 2024.

• The company announced it would continue corporate existence to trade on the OTC Pink following trust liquidation.
• At the time of the trust liquidation distribution in January 2024, there were 1,620,989 public shares.
• More recent trading data shows approximately 11.62M shares outstanding and a last price near $0.01 on the OTCMKTS.
• The liquidation distribution to shareholders was approximately $10.48 per share from the trust.

The ability to trade on the OTC Pink until a deal is completed is the primary offering to a potential merger target. Finance: draft a memo by next Tuesday detailing the current shareholder base's liquidity profile based on the 11.62M shares outstanding.

Northern Star Investment Corp. II (NSTB) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Northern Star Investment Corp. II (NSTB) as of late 2025, which is a unique situation since the company has already liquidated its SPAC trust and is operating as a corporate shell. This means the primary customer base has shifted from traditional SPAC investors to companies looking for a listing vehicle and the residual shareholders who decided to stick around.

The initial focus for Northern Star Investment Corp. II, when it was an active SPAC, was quite specific, which informs the type of private company it still seeks to acquire now as a shell.

• Beauty, wellness, and self-care sectors.
• Fashion and e-commerce.
• Subscription and digital-media businesses.

The core value proposition now is providing a public listing venue, not the trust cash, so the target companies are those that value a streamlined path to the public markets, even if it's currently on the OTC Pink sheets.

The second key segment is the group of existing public shareholders who retained their equity following the trust distribution event announced in January 2024. These are the holders who opted not to redeem their shares for cash, betting on the management team to secure a future business combination. The mechanics of that distribution are concrete financial data points you need to track.

Here's the quick math on the residual shareholder base following the trust liquidation decision:

Metric	Value	Context/Date
Trust Distribution Amount Per Share	$10.48	Pro rata distribution amount per public share upon trust liquidation (Jan 2024 announcement).
Shares Subject to Distribution	1,620,989	Number of remaining public shares at the time of the trust liquidation announcement (Jan 2024).
Original IPO Gross Proceeds	$350,000,000	Total raised from the January 2021 Initial Public Offering.
Share Price (as of Jan 13, 2025)	$0.00	Reported share price on the NYSE/OTCMKTS as of early 2025.

What this estimate hides is the exact number of those 1,620,989 shares that were actually retained by public holders versus those that were redeemed before the final distribution, but the segment is defined by those who chose to retain their shares for the potential future transaction.

Finally, the third segment comprises institutional and accredited investors who would participate in any subsequent capital raise, typically a Private Investment in Public Equity (PIPE) transaction, necessary to support a future merger. While NSTB is now a shell, the team's prior experience signals the profile of investors they will target for a new deal. The team previously secured a significant financing round for a different transaction, which gives you a benchmark for the scale of capital they can attract from this group.

• Accredited investors interested in pre-deal or post-deal financing.
• Institutional funds capable of participating in a PIPE.

For context on the scale, the Northern Star team previously assembled a $200 million PIPE for its 2020 combination with BarkBox, so you should expect this segment to consist of sophisticated investors comfortable with the risk profile of a shell company seeking a de-SPAC target in the current market.

Northern Star Investment Corp. II (NSTB) - Canvas Business Model: Cost Structure

You're looking at the cost base for Northern Star Investment Corp. II (NSTB) now that it operates as a public shell, which is fundamentally different from its SPAC days. The primary cost drivers shift from deal-sourcing and roadshow expenses to basic compliance and administrative overhead to maintain its public listing on the OTC Pink sheets.

The potential $1.5 million SEC penalty, levied in connection with prior IPO disclosures, is a contingent liability that was avoided. Northern Star Investment Corp. II agreed to this penalty only if it closed a merger transaction; by electing to liquidate its trust account and return funds to shareholders before the April 30, 2024, deadline, the company successfully forwent this payment. This means the $1,500,000 amount is not a current expected cost.

General and administrative expenses for maintaining the public shell status are driven by a lean operational structure. As of the last reported data, Northern Star Investment Corp. II lists only 3 employees, which suggests minimal salary and overhead costs compared to an active operating company.

Legal and audit fees for SEC compliance remain a necessary, recurring cost, even for a shell. While specific 2025 figures aren't public, these costs cover the annual reporting requirements (e.g., 10-K, 10-Q filings) necessary to remain quoted on an exchange. The prior merger attempt with Apex Clearing Holdings, which involved extensive Form S-4 filings, highlights the significant, non-recurring legal expense associated with transaction due diligence, which is now a sunk cost.

Directors' and officers' liability insurance premiums are a fixed cost of governance. While the general D&O market in 2025 is anticipated to be flat for stable risk profiles following prior premium reductions, the premium amount for Northern Star Investment Corp. II itself is not publicly itemized in the latest available data. However, the company must maintain this coverage to protect its board members, including President and Chief Operating Officer Jonathan J. Ledecky and Chief Financial Officer James H.R. Brady.

Here's a quick look at the concrete figures associated with the entity's structure and past financial events that shape its current cost environment:

Cost/Financial Item	Associated Value/Status	Context/Date Reference
Potential SEC Penalty	$1,500,000 (Avoided)	Contingent upon merger closing; avoided by liquidation in early 2024.
Employee Count	3	Current operational overhead proxy.
Trust Distribution Per Share	$10.48 per Public Share	Amount distributed to shareholders upon liquidation in January 2024.
SEC Settlement Date	January 25, 2024	Date of settlement for misleading IPO disclosures.
D&O Premium Trend (General Market)	Anticipated Flat Rate	General market outlook for stable risk profiles in 2025.

The ongoing costs for maintaining the shell status primarily revolve around mandatory filings and D&O insurance. You should expect the legal and audit fees to be significantly lower than when the company was actively pursuing a de-SPAC transaction, which previously required multiple amendments to Form S-4 filings.

• General administrative overhead is minimized due to only 3 personnel.
• Legal and audit fees are strictly for maintaining public shell status compliance.
• Directors' and officers' liability insurance is a necessary, non-discretionary expense.
• The $1.5 million SEC penalty is a non-cost due to the liquidation decision.

Finance: draft a projected 12-month administrative budget based on the 3-person headcount and estimated annual SEC filing costs by next Tuesday.

Northern Star Investment Corp. II (NSTB) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Northern Star Investment Corp. II (NSTB) as of late 2025, and honestly, the picture is defined by what it isn't generating right now, given its status as a post-liquidation shell entity.

No current operating revenue, as it is a blank check shell company. As of December 31, 2022, Northern Star Investment Corp. II had not commenced any operations, and all activity related to its initial public offering (IPO) and the search for a business combination. The company will not generate any operating revenues until after the completion of a business combination, at the earliest.

The entity took the unusual step in January 2024 to liquidate its trust account, distributing approximately $10.48 per Public Share to holders of the then-outstanding 1,620,989 Public Shares. This distribution removed the primary source of capital that typically funds a SPAC transaction.

The potential revenue streams now pivot entirely on a future, yet-to-be-announced transaction, or the exercise of existing securities:

• Future revenue from the issuance of new shares to the acquired operating business.
• Potential sponsor promote value realized upon successful de-SPAC transaction.
• Proceeds from the exercise of outstanding public and one-fifth warrants post-merger.

The warrants are a concrete, existing financial instrument that could generate proceeds upon exercise, should a new transaction occur. Each whole Warrant is exercisable for one Public Share at an exercise price of $11.50. The warrants remained outstanding following the trust liquidation.

Here's a quick look at the key figures defining the potential for future capital infusion, which would underpin any new revenue-generating activity:

Revenue Component/Metric	Associated Value/Status	Context/Notes
Operating Revenue (Current)	$0.00	As a shell company post-liquidation, no operating revenue is generated.
Trust Liquidation Distribution Value (Per Share)	$10.48	Amount distributed per Public Share from the trust account in January 2024.
Warrant Exercise Price	$11.50	The price at which a holder can exercise one whole Warrant for one Public Share.
Outstanding Public Shares (Pre-Liquidation)	1,620,989	Number of Public Shares outstanding before the trust distribution.
Warrant Coverage Ratio	One-fifth (1/5)	Each Unit from the IPO included one-fifth of one redeemable warrant.
Sponsor Promote Value	Not Quantified/Realized	This value is contingent on a successful merger, which has not occurred post-liquidation.

To be fair, the sponsor, officers, and directors waived any right they may have had to the trust Distribution in respect of their pre-IPO shares. This means any future sponsor promote would need to be negotiated entirely separately in a new business combination structure, likely involving a new PIPE (Private Investment in Public Equity) or similar financing, as the company is no longer subject to standard SPAC rules.

The ability to generate revenue from warrant exercise depends on the number of warrants that remain outstanding and are actually exercised at the $11.50 strike price. The structure means that for every five warrants, one share can be purchased for $11.50, adding capital to the shell entity to fund a potential future deal. Finance: draft a sensitivity analysis on potential warrant proceeds based on various post-merger share prices by next Tuesday.