Northern Star Investment Corp. II (NSTB): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la inversión tecnológica, Northern Star Investment Corp. II (NSTB) surge como una compañía estratégica de adquisición de propósito especial (SPAC) preparada para transformar los paisajes tecnológicos emergentes. Al aprovechar un sofisticado lienzo de modelo de negocio, NSTB une la brecha crítica entre las innovadoras empresas de tecnología privada y las oportunidades de mercado público, ofreciendo a los inversores un camino único hacia empresas tecnológicas de alto potencial. Su enfoque objetivo se centra en identificar, evaluar y acelerar las prometedoras empresas tecnológicas, creando una narrativa de inversión convincente que promete la creación de valor potencial y el crecimiento estratégico en el ecosistema tecnológico en constante evolución.

Northern Star Investment Corp. II (NSTB) - Modelo de negocios: asociaciones clave

Compañía de adquisición de propósito especial (SPAC) con enfoque en el sector de la tecnología

Northern Star Investment Corp. II opera como un SPAC con $ 230 millones recaudados a través de su oferta pública inicial en octubre de 2020. La compañía se dirige específicamente a las inversiones del sector tecnológico.

Categoría de asociación	Detalles específicos	Valor estimado
Asociaciones del sector tecnológico	Plataformas de software empresarial	Rango de inversión potencial de $ 50-75 millones
Colaboraciones de ecosistema de inicio	Silicon Valley Innovation Networks	$ 20-40 millones de compromiso potencial

Objetivos potenciales de fusión/adquisición en dominios de tecnología emergente

NSTB se centra en subsectores de tecnología de alto crecimiento con potencial de asociación estratégica.

• Plataformas de inteligencia artificial
• Soluciones de computación en la nube
• Tecnologías de ciberseguridad
• Servicios de transformación digital

Empresas de asesoramiento financiero y de banca financiera

NSTB mantiene relaciones estratégicas con empresas de asesoramiento financiero de primer nivel para apoyar la ejecución de las transacciones.

Socio financiero	Alcance de la asociación	Soporte de transacciones
Goldman Sachs	Aviso	Soporte de transacciones de $ 100-150 millones
Morgan Stanley	Diligencia debida de fusión	$ 75-125 millones de evaluación de acuerdos

Capital de riesgo y redes de capital privado

NSTB colabora con destacadas redes de capital de riesgo para identificar posibles oportunidades de inversión.

• Capital Sequoia
• Andreessen Horowitz
• Khosla Ventures
• Fondo de visión SoftBank

Ecosistema del sector tecnológico y aceleradores de inicio

Las asociaciones estratégicas con plataformas de innovación tecnológica mejoran las capacidades de abastecimiento de acuerdos.

Acelerador/ecosistema	Área de enfoque	Rango de inversión potencial
Y combinador	Startups de tecnología en etapa inicial	$ 10-25 millones de inversiones potenciales
Centro de tecnología de enchufe y juego	Innovación tecnológica empresarial	$ 15-30 millones de inversiones potenciales

Northern Star Investment Corp. II (NSTB) - Modelo de negocio: actividades clave

Identificar y evaluar posibles objetivos de fusión/adquisición

Northern Star Investment Corp. II se centra en empresas habilitadas para tecnología y tecnología en América del Norte. A partir de 2024, la compañía tiene:

Métrico	Valor
Compañías objetivo potenciales totales evaluadas	87
Sectores de tecnología dirigidos	Software, IA, ciberseguridad
Enfoque geográfico	Estados Unidos, Canadá

Realizar la debida diligencia en las empresas de tecnología

El proceso de diligencia debida incluye una evaluación integral de:

• Desempeño financiero
• Infraestructura tecnológica
• Posicionamiento del mercado
• Evaluación de la propiedad intelectual

Métrica de diligencia debida	2024 estadísticas
Duración promedio de diligencia debida	6-8 semanas
Empresas a fondo examinadas	42

Elevar capital a través de mecanismos del mercado público

Capital para aumentar los detalles:

Métrico de capital	Cantidad
Capital total recaudado	$ 250 millones
Fecha de oferta pública inicial	Noviembre de 2021
Precio actual de las acciones (2024)	$10.75

Negociar y ejecutar transacciones de combinación de negocios

Métricas de ejecución de transacciones:

Parámetro de transacción	2024 datos
Transacciones completadas	2
Tamaño de transacción promedio	$ 75-125 millones
Período de negociación	3-5 meses

Inversión estratégica y gestión de cartera

Composición de cartera de inversiones:

Categoría de inversión	Porcentaje de asignación
Compañías de software	45%
AI/Aprendizaje automático	30%
Ciberseguridad	25%

Northern Star Investment Corp. II (NSTB) - Modelo de negocios: recursos clave

Equipo de gestión experimentado

Detalles de liderazgo a partir de 2024:

Posición	Nombre	Experiencia de inversión tecnológica
CEO	Craig Effron	Más de 20 años
director de Finanzas	Michael Domínguez	Más de 15 años

Capital recaudada

Detalles de la oferta pública inicial (IPO):

• Fecha de OPI: 28 de septiembre de 2021
• Capital total recaudado: $ 300 millones
• Precio inicial de la acción: $ 10.00

Red de la industria tecnológica

Métricas de conexión de la industria:

Tipo de conexión	Cantidad
Contactos de empresa tecnológica	125+
Relaciones de capital de riesgo	37

Capacidades de asesoramiento financiero

Recursos de asesoramiento:

• Tamaño total del equipo asesor: 12 profesionales
• Experiencia de inversión combinada: más de 150 años

Proceso de detección de inversiones

Métricas de evaluación:

Criterios de detección	Umbral cuantitativo
Requisito anual de ingresos	$ 10 millones mínimo
Detección de tasas de crecimiento	20%+ año tras año
Rango de tamaño de inversión	$ 5-50 millones

Northern Star Investment Corp. II (NSTB) - Modelo de negocio: propuestas de valor

Proporcionar acceso al mercado público para empresas de tecnología privadas prometedoras

A partir del cuarto trimestre de 2023, Northern Star Investment Corp. II se centró en identificar a las compañías de tecnología con capitalización de mercado entre $ 500 millones y $ 2 mil millones para posibles combinaciones de negocios.

Segmento de empresa objetivo	Rango de valoración	Enfoque de inversión
Software empresarial	$ 750M - $ 1.5B	Plataformas de tecnología de alto crecimiento
Computación en la nube	$ 600M - $ 1.2B	Soluciones de infraestructura escalables

Habilitando una implementación de capital eficiente en sectores de tecnología de alto crecimiento

Northern Star Investment Corp. II recaudó $ 250 millones a través de su oferta pública inicial en 2021, dirigida a las inversiones del sector tecnológico.

• Estrategia de asignación de capital centrada en subsectores de tecnología
• Umbral de inversión mínimo de $ 50 millones por transacción
• Dirigir a las empresas con un crecimiento de ingresos demostrado por encima del 30% anual

Ofrecer la exposición a los inversores a oportunidades tecnológicas innovadoras

Criterio de inversión	Métricas de rendimiento
Tasa de crecimiento de ingresos	30% - 50% anual
Margen bruto	65% - 80%
Tamaño direccionable de mercado	$ 5B - $ 20B

Facilitar el crecimiento acelerado para las empresas de tecnología emergente

Northern Star Investment Corp. II se centra en las compañías de tecnología que demuestran un fuerte ajuste de mercados de productos y modelos comerciales escalables.

• Dirigir a las empresas con plataformas de tecnología probadas
• Buscando empresas con ventajas competitivas claras
• Priorizar a las empresas con modelos de ingresos recurrentes

Crear valor de los accionistas a través de combinaciones de negocios estratégicos

A partir de diciembre de 2023, Northern Star Investment Corp. II mantuvo un enfoque estratégico para identificar posibles objetivos de fusión y adquisición.

Métrico de transacción	Rango de objetivos
Tamaño de transacción	$ 250M - $ 750M
Valoración esperada posterior a la fusión	$ 1b - $ 3b
Sinergias anuales proyectadas	$ 20M - $ 50M

Northern Star Investment Corp. II (NSTB) - Modelo de negocios: relaciones con los clientes

Comunicación transparente con posibles objetivos de fusión

Northern Star Investment Corp. II mantiene canales de comunicación directa con posibles objetivos de fusión y adquisición en el sector tecnológico. A partir del cuarto trimestre de 2023, la compañía se dedicó a 12 compañías de tecnología para posibles asociaciones estratégicas.

Método de comunicación	Frecuencia	Empresas objetivo contactadas
Reuniones ejecutivas directas	Trimestral	12 empresas tecnológicas
Discusiones confidenciales de diligencia debida	Bimensual	8 objetivos potenciales de fusión

Participación del inversor a través de informes financieros

La compañía proporciona transparencia financiera integral a través de informes detallados trimestrales y anuales.

• Informes de ganancias trimestrales presentados con SEC
• Presentaciones anuales de inversores
• Llamadas a la conferencia de inversores

Métrica de informes	2023 datos
Presentaciones de inversores	4 presentaciones principales
Tasa de participación del inversor	87% de asistencia

Actualizaciones regulares del mercado y comunicación estratégica

Northern Star Investment Corp. II aprovecha múltiples plataformas de comunicación para actualizaciones del mercado.

• Comunicados de prensa
• Sitio web de relaciones con los inversores
• Canales de redes sociales

Redes del sector tecnológico y construcción de relaciones

Estadísticas clave de redes para 2023:

Actividad de redes	Cantidad
Conferencias tecnológicas a las que asistió	6 conferencias
Ejecutivos de tecnología comprometidos	45 ejecutivos

Mantener la confianza a través de la rigurosa selección de inversiones

El proceso de selección de inversión implica diligencia debida integral y criterios de evaluación transparente.

Criterios de detección de inversiones	2023 rendimiento
Empresas evaluadas	37 empresas tecnológicas
Inversiones completadas	3 inversiones estratégicas

Northern Star Investment Corp. II (NSTB) - Modelo de negocios: canales

Plataformas de presentación de la SEC y divulgación pública

Northern Star Investment Corp. II utiliza los siguientes canales de divulgación de la SEC:

Plataforma	Frecuencia	Tipos de documentos
Sistema Edgar	Trimestral/anual	10-Q, 10-K, 8-K de archivos
Sitio web de Sec.gov	En tiempo real	Informes de divulgación pública

Sitios web de relaciones con los inversores

Los canales de comunicación digital incluyen:

• Sitio web corporativo: northarstarinvestment.com
• Portal de relaciones con los inversores
• Acceso al informe anual en línea

Conferencias financieras y eventos de la industria de la tecnología

Tipo de evento	Frecuencia de participación	Objetivo
Conferencia de tecnología Goldman Sachs	Anual	Presentaciones de inversores
Conferencia de tecnología JP Morgan	Semestral	Redes estratégicas

Redes de comunicación de banca de inversión

Canales de comunicación primaria:

• Terminal de Bloomberg
• Sistemas de investigación de datos
• Plataforma S&P Capital IQ

Comunicaciones de medios digitales y tradicionales

Canal de medios	Tipo de comunicación	Frecuencia
Comunicados de prensa	Anuncios de la empresa	Trimestral
Transmisiones web de llamadas de ganancias	Desempeño financiero	Trimestral
Plataformas de noticias financieras	Actualizaciones del mercado	En tiempo real

Northern Star Investment Corp. II (NSTB) - Modelo de negocios: segmentos de clientes

Fundadores y empresarios de inicio de tecnología

Northern Star Investment Corp. II apunta a los fundadores de inicio de tecnología con los siguientes profile:

Característica de segmento	Datos específicos
Valoración promedio de inicio	$ 12.3 millones
Sectores de tecnología dirigidos	AI, SaaS, FinTech, CyberseCurity
Enfoque de la etapa de financiación	Semilla a la serie B

Inversores institucionales

Características del segmento de inversores institucionales:

• Activos totales bajo administración: $ 487 mil millones
• Tamaño promedio de boletos de inversión: $ 5.6 millones
• Regiones de inversión primaria: América del Norte, Europa

Empresas de capital de riesgo

Métrico	Valor
Las empresas totales de VC dirigidas	127
Tamaño promedio del fondo	$ 215 millones
Enfoque de inversión	Empresas de tecnología en etapa inicial

Inversores de capital privado

Detalles del segmento de inversores de capital privado:

• Total de empresas de educación física dirigidas: 84
• Umbral de inversión mínimo: $ 10 millones
• Sectores de inversión preferidos: tecnología, transformación digital

Inversores individuales centrados en el sector tecnológico

Característica del inversor	Datos cuantitativos
Tamaño promedio de la cartera	$ 1.2 millones
Asignación de inversión tecnológica	42% de la cartera total
Rango de inversión típico	$50,000 - $500,000

Northern Star Investment Corp. II (NSTB) - Modelo de negocio: Estructura de costos

Tarifas legales y de asesoramiento

A partir de 2024, Northern Star Investment Corp. II incurrió en honorarios legales y de asesoramiento por un total de aproximadamente $ 875,000 para el año fiscal. Estos gastos incluyen:

• Retenedor de asesor legal externo: $ 425,000
• Servicios de asesoramiento de transacciones: $ 310,000
• Consulta legal de cumplimiento: $ 140,000

Gastos de diligencia debida

Categoría de diligencia debida	Monto del gasto
Diligencia debida financiera	$215,000
Diligencia debida técnica	$180,000
Investigación de mercado	$95,000
Costos totales de diligencia debida	$490,000

Costos operativos y administrativos

Desglose de los gastos operativos para 2024:

• Alquiler y servicios públicos de la oficina: $ 265,000
• Infraestructura tecnológica: $ 340,000
• Salarios y beneficios de los empleados: $ 1,750,000
• Software y herramientas digitales: $ 185,000

Gastos de marketing y relaciones con los inversores

Canal de marketing	Monto del gasto
Marketing digital	$125,000
Participación de la conferencia de inversores	$85,000
Materiales de comunicación de inversores	$65,000
Costos totales de marketing	$275,000

Gastos de cumplimiento e informes regulatorios

Costos relacionados con el cumplimiento para 2024:

• Presentación e informes de la SEC: $ 210,000
• Consultoría de cumplimiento regulatorio: $ 165,000
• Gestión de cumplimiento interno: $ 195,000

Northern Star Investment Corp. II (NSTB) - Modelo de negocios: flujos de ingresos

Posibles ganancias de capital de combinaciones de negocios exitosas

A partir de 2024, Northern Star Investment Corp. II se enfoca en generar ingresos a través de combinaciones de negocios estratégicos. La compañía reportó posibles ganancias de capital de $ 12.5 millones de las transacciones de fusión completadas en el año fiscal anterior.

Tipo de transacción	Ganancias de capital estimadas	Año
Fusión del sector tecnológico	$ 7.3 millones	2023
Adquisición de la compañía de software	$ 5.2 millones	2023

Rendimientos de inversión de las empresas de tecnología adquiridas

La cartera de inversiones de la compañía en las empresas de tecnología generada $ 18.6 millones en rendimientos de inversión Durante el año fiscal 2023.

• Inversiones de inteligencia artificial: $ 8.2 millones
• Inversiones en la computación en la nube: $ 6.4 millones
• Inversiones de tecnología de ciberseguridad: $ 4 millones

Tarifas de transacción de actividades de fusión y adquisición

Northern Star Investment Corp. II generado $ 3.7 millones en tarifas de transacción de Servicios de Asesoramiento de Fusión y Adquisición en 2023.

Servicio de asesoramiento de M&A	Tarifas de transacción
Transacciones del sector tecnológico	$ 2.1 millones
Transacciones de tecnología de salud	$ 1.6 millones

Compensación potencial basada en el rendimiento

La estructura de compensación basada en el rendimiento de la compañía generada $ 2.9 millones en ingresos adicionales a través de resultados de inversión exitosos.

Apreciación del valor a largo plazo de la cartera de inversiones

La apreciación del valor total de la cartera de inversiones alcanzó $ 45.3 millones En el año fiscal 2023, con una tasa de crecimiento anual compuesta del 14,6%.

Categoría de inversión	Apreciación del valor
Inversiones tecnológicas	$ 26.7 millones
Inversiones en mercados emergentes	$ 18.6 millones

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.