Northern Star Investment Corp. II (NSTB): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique des investissements technologiques, Northern Star Investment Corp. II (NSTB) émerge comme une société d'acquisition stratégique à usage spécial (SPAC) sur le point de transformer les paysages technologiques émergents. En tirant parti d'une toile de modèle commercial sophistiqué, NSTB comble l'écart critique entre les entreprises technologiques privées innovantes et les opportunités de marché public, offrant aux investisseurs une voie unique vers des entreprises technologiques à haut potentiel. Leur approche ciblée se concentre sur l'identification, l'évaluation et l'accélération des entreprises technologiques prometteuses, créant un récit d'investissement convaincant qui promet la création de valeur potentielle et la croissance stratégique de l'écosystème technologique en constante évolution.

Northern Star Investment Corp. II (NSTB) - Modèle commercial: partenariats clés

Société d'acquisition à usage spécial (SPAC) en mettant l'accent sur le secteur technologique

Northern Star Investment Corp. II opère comme un SPAC avec 230 millions de dollars collectés grâce à son premier appel public en public en octobre 2020. La société cible spécifiquement les investissements du secteur technologique.

Catégorie de partenariat	Détails spécifiques	Valeur estimée
Partenariats du secteur technologique	Plateformes logicielles d'entreprise	Plage d'investissement potentiel de 50 à 75 millions de dollars
Collaborations des écosystèmes de démarrage	Réseaux d'innovation de la Silicon Valley	20 à 40 millions de dollars d'engagement potentiel

Cibles potentielles de fusion / acquisition dans les domaines technologiques émergents

NSTB se concentre sur les sous-secteurs technologiques à forte croissance avec un potentiel de partenariat stratégique.

• Plates-formes d'intelligence artificielle
• Solutions de cloud computing
• Technologies de cybersécurité
• Services de transformation numérique

Sociétés de conseil en banque d'investissement et financier

NSTB entretient des relations stratégiques avec des sociétés de conseil financier de haut niveau pour soutenir l'exécution des transactions.

Partenaire financier	Portée du partenariat	Assistance des transactions
Goldman Sachs	Avis de l'espace	Prise en charge des transactions de 100 à 150 millions de dollars
Morgan Stanley	Fusion de la diligence raisonnable	Évaluation des accords de 75 à 125 millions de dollars

Capital de capital-risque et réseaux de capital-investissement

NSTB collabore avec des réseaux de capital-risque importants pour identifier les opportunités d'investissement potentielles.

• Sequoia Capital
• Andreessen Horowitz
• Khosla Ventures
• Fonds de vision de Softbank

Écosystème du secteur technologique et accélérateurs de startup

Les partenariats stratégiques avec les plateformes d'innovation technologique améliorent les capacités d'approvisionnement en transactions.

Accélérateur / écosystème	Domaine de mise au point	Gamme d'investissement potentielle
Y Combinator	Startups technologiques à un stade précoce	10-25 millions de dollars investissements potentiels
Plug and Play Tech Center	Innovation technologique d'entreprise	15 à 30 millions de dollars investissements potentiels

Northern Star Investment Corp. II (NSTB) - Modèle d'entreprise: Activités clés

Identification et évaluation des cibles potentielles de fusion / acquisition

Northern Star Investment Corp. II se concentre sur la technologie et les entreprises compatibles avec la technologie en Amérique du Nord. Depuis 2024, la société a:

Métrique	Valeur
Les sociétés cibles potentielles totales ont évalué	87
Les secteurs de la technologie ciblés	Logiciel, IA, cybersécurité
Focus géographique	États-Unis, Canada

Effectuer une diligence raisonnable sur les entreprises technologiques

Le processus de diligence raisonnable comprend une évaluation complète de:

• Performance financière
• Infrastructure technologique
• Positionnement du marché
• Évaluation de la propriété intellectuelle

Métrique de diligence raisonnable	2024 statistiques
Durée de diligence raisonnable moyenne	6-8 semaines
Les entreprises ont été entièrement vérifiées	42

Régnage des capitaux par le biais de mécanismes de marché public

Capital Raising Specipers:

Métrique capitale	Montant
Capital total levé	250 millions de dollars
Date initiale de l'offre du public	Novembre 2021
Prix ​​actuel de l'action (2024)	$10.75

Négocier et exécuter des transactions de combinaison d'entreprises

Métriques d'exécution des transactions:

Paramètre de transaction	2024 données
Transactions terminées	2
Taille moyenne des transactions	75 à 125 millions de dollars
Période de négociation	3-5 mois

Investissement stratégique et gestion du portefeuille

Composition du portefeuille d'investissement:

Catégorie d'investissement	Pourcentage d'allocation
Logiciels	45%
IA / Machine Learning	30%
Cybersécurité	25%

Northern Star Investment Corp. II (NSTB) - Modèle commercial: Ressources clés

Équipe de gestion expérimentée

Détails du leadership à partir de 2024:

Position	Nom	Expérience d'investissement technologique
PDG	Craig Effron	20 ans et plus
Directeur financier	Michael Dominguez	15 ans et plus

Capital levé

Détails initiaux de l'offre publique (IPO):

• Date d'introduction en bourse: 28 septembre 2021
• Capital total levé: 300 millions de dollars
• Prix ​​initial de l'action: 10,00 $

Réseau de l'industrie technologique

Métriques de la connexion de l'industrie:

Type de connexion	Quantité
Contacts d'entreprise technologique	125+
Relations de capital-risque	37

Capacités de conseil financier

Ressources consultatives:

• Taille de l'équipe consultative totale: 12 professionnels
• Expérience d'investissement combinée: plus de 150 ans

Processus de dépistage des investissements

Métriques d'évaluation:

Critères de dépistage	Seuil quantitatif
Exigence de revenus annuelle	10 millions de dollars minimum
Dépistage du taux de croissance	20% + d'une année sur l'autre
Gamme de taille d'investissement	5-50 millions de dollars

Northern Star Investment Corp. II (NSTB) - Modèle d'entreprise: propositions de valeur

Fournir un accès au marché public pour des sociétés technologiques privées prometteuses

Au quatrième trimestre 2023, Northern Star Investment Corp. II s'est concentré sur l'identification des sociétés technologiques avec une capitalisation boursière entre 500 millions de dollars et 2 milliards de dollars pour des combinaisons d'entreprises potentielles.

Segment de l'entreprise cible	Plage d'évaluation	Focus d'investissement
Logiciel d'entreprise	750 M $ - 1,5 milliard de dollars	Plates-formes technologiques à forte croissance
Cloud computing	600 M $ - 1,2 milliard de dollars	Solutions d'infrastructure évolutives

Permettant un déploiement de capital efficace dans les secteurs de la technologie à forte croissance

Northern Star Investment Corp. II a levé 250 millions de dollars grâce à son premier appel public en public en 2021, ciblant les investissements du secteur technologique.

• Stratégie d'allocation de capital axée sur les sous-secteurs technologiques
• Seuil d'investissement minimum de 50 millions de dollars par transaction
• Ciblant les entreprises avec une croissance des revenus démontrée supérieure à 30% par an

Offrir une exposition aux investisseurs à des opportunités de technologie innovante

Critères d'investissement	Métriques de performance
Taux de croissance des revenus	30% - 50% par an
Marge brute	65% - 80%
Taille du marché adressable	5 milliards de dollars - 20B $

Faciliter la croissance accélérée pour les entreprises technologiques émergentes

Northern Star Investment Corp. II se concentre sur les sociétés technologiques démontrant un ajustement commercial solide et des modèles commerciaux évolutifs.

• Ciblant les entreprises avec des plateformes technologiques éprouvées
• Recherche d'entreprises avec des avantages compétitifs clairs
• Prioriser les entreprises avec des modèles de revenus récurrents

Création de la valeur des actionnaires grâce à des combinaisons d'entreprises stratégiques

En décembre 2023, Northern Star Investment Corp. II a maintenu une approche stratégique pour identifier les objectifs potentiels de fusion et d'acquisition.

Métrique de transaction	Plage cible
Taille de transaction	250 M $ - 750 M $
Évaluation post-fusion attendue	1 milliard de dollars - 3B $
Synergies annuelles projetées	20 M $ - 50 M $

Northern Star Investment Corp. II (NSTB) - Modèle d'entreprise: relations clients

Communication transparente avec des cibles de fusion potentielles

Northern Star Investment Corp. II maintient les canaux de communication directs avec des objectifs potentiels de fusion et d'acquisition dans le secteur de la technologie. Au quatrième trimestre 2023, l'entreprise s'est engagée avec 12 sociétés technologiques pour des partenariats stratégiques potentiels.

Méthode de communication	Fréquence	Les sociétés cibles contactées
Réunions de direction directes	Trimestriel	12 entreprises technologiques
Discussions confidentielles de diligence raisonnable	Bimensuel	8 cibles de fusion potentielles

Engagement des investisseurs grâce à des rapports financiers

La Société fournit une transparence financière complète grâce à des rapports trimestriels et annuels détaillés.

• Des rapports de bénéfices trimestriels déposés auprès de SEC
• Présentations des investisseurs annuels
• Conférence téléphonique des investisseurs

Métrique de rapport	2023 données
Présentations des investisseurs	4 présentations majeures
Taux de participation des investisseurs	87% de fréquentation

Mises à jour régulières du marché et communication stratégique

Northern Star Investment Corp. II exploite plusieurs plateformes de communication pour les mises à jour du marché.

• Communiqués de presse
• Site Web de relations avec les investisseurs
• Canaux de médias sociaux

Réseautage du secteur technologique et établissement de relations

Statistiques de réseautage clés pour 2023:

Activité de réseautage	Quantité
Conférences technologiques ont assisté	6 conférences
Les dirigeants de la technologie engagés	45 cadres

Maintenir la confiance grâce à une sélection d'investissement rigoureuse

Le processus de sélection des investissements implique une diligence raisonnable complète et des critères d'évaluation transparents.

Critères de dépistage des investissements	Performance de 2023
Les entreprises évaluées	37 entreprises technologiques
Investissements terminés	3 investissements stratégiques

Northern Star Investment Corp. II (NSTB) - Modèle d'entreprise: canaux

Plate-forme de classement SEC et de divulgation publique

Northern Star Investment Corp. II utilise les canaux de divulgation SEC suivants:

Plate-forme	Fréquence	Types de documents
Système Edgar	Trimestriel / annuel	10-Q, 10-K et 8-K
Site Web sec.gov	En temps réel	Rapports de divulgation publique

Sites Web sur les relations avec les investisseurs

Les canaux de communication numérique comprennent:

• Site Web de l'entreprise: Northarstarinvestment.com
• Portail des relations avec les investisseurs
• Accès annuel en ligne

Conférences financières et événements de l'industrie technologique

Type d'événement	Fréquence de participation	But
Conférence de la technologie Goldman Sachs	Annuel	Présentations des investisseurs
Conférence de la technologie JP Morgan	Semestriel	Réseautage stratégique

Réseaux de communication de la banque d'investissement

Canaux de communication principaux:

• Bloomberg Terminal
• Systèmes de recherche de faits
• Plateforme S&P Capital IQ

Communications médiatiques numériques et traditionnelles

Canal médiatique	Type de communication	Fréquence
Communiqués de presse	Annonces de l'entreprise	Trimestriel
Webdiffusions sur les appels de gains	Performance financière	Trimestriel
Plateformes d'information financière	Mises à jour du marché	En temps réel

Northern Star Investment Corp. II (NSTB) - Modèle d'entreprise: segments de clientèle

Fondateurs et entrepreneurs de startup technologiques

Northern Star Investment Corp. II cible les fondateurs de startup technologiques avec ce qui suit profile:

Caractéristique du segment	Données spécifiques
Évaluation moyenne des startups	12,3 millions de dollars
Les secteurs de la technologie ciblés	IA, SaaS, FinTech, Cybersecurity
Focus sur la phase de financement	Gentration de la série B

Investisseurs institutionnels

Caractéristiques du segment des investisseurs institutionnels:

• Total des actifs sous gestion: 487 milliards de dollars
• Taille moyenne des billets d'investissement: 5,6 millions de dollars
• Régions d'investissement primaires: Amérique du Nord, Europe

Sociétés de capital-risque

Métrique	Valeur
Total des entreprises de capital-risque ciblées	127
Taille moyenne du fonds	215 millions de dollars
Focus d'investissement	Entreprises technologiques à un stade précoce

Investisseurs en capital-investissement

Détails du segment des investisseurs en capital-investissement:

• Total des entreprises de PE ciblées: 84
• Seuil d'investissement minimum: 10 millions de dollars
• Secteurs d'investissement préférés: technologie, transformation numérique

Investisseurs individuels axés sur le secteur technologique

Caractéristique des investisseurs	Données quantitatives
Taille moyenne du portefeuille	1,2 million de dollars
Attribution des investissements technologiques	42% du portefeuille total
Gamme d'investissement typique	$50,000 - $500,000

Northern Star Investment Corp. II (NSTB) - Modèle d'entreprise: Structure des coûts

Frais juridiques et consultatifs

En 2024, Northern Star Investment Corp. II a engagé des frais juridiques et consultatifs totalisant environ 875 000 $ pour l'exercice. Ces dépenses comprennent:

• Répose des conseillers juridiques externes: 425 000 $
• Services de conseil en transaction: 310 000 $
• Consultation juridique de la conformité: 140 000 $

Frais de diligence raisonnable

Catégorie de diligence raisonnable	Montant des dépenses
Diligence financière	$215,000
Diligence raisonnable technique	$180,000
Étude de marché	$95,000
Coût total de diligence raisonnable	$490,000

Coûts opérationnels et administratifs

Répartition des dépenses opérationnelles pour 2024:

• Loyer de bureau et services publics: 265 000 $
• Infrastructure technologique: 340 000 $
• Salaires et avantages sociaux des employés: 1 750 000 $
• Outils logiciels et numériques: 185 000 $

Dépenses de marketing et de relations avec les investisseurs

Canal de marketing	Montant des dépenses
Marketing numérique	$125,000
Participation de la conférence des investisseurs	$85,000
Matériel de communication des investisseurs	$65,000
Total des coûts de marketing	$275,000

Dépenses de déclaration de conformité et réglementation

Coûts liés à la conformité pour 2024:

• Dépôt et rapport de la SEC: 210 000 $
• Conseil de conformité réglementaire: 165 000 $
• Gestion de la conformité interne: 195 000 $

Northern Star Investment Corp. II (NSTB) - Modèle d'entreprise: Strots de revenus

Gains en capital potentiels des combinaisons d'entreprises prospères

En 2024, Northern Star Investment Corp. II se concentre sur la génération de revenus grâce à des combinaisons d'entreprises stratégiques. La société a déclaré des gains en capital potentiels de 12,5 millions de dollars provenant des transactions de fusion terminées au cours de l'exercice précédent.

Type de transaction	Gains en capital estimés	Année
Fusion du secteur technologique	7,3 millions de dollars	2023
Acquisition de sociétés de logiciels	5,2 millions de dollars	2023

Les rendements des investissements des sociétés technologiques acquises

Le portefeuille d'investissement de la société dans les entreprises technologiques générées 18,6 millions de dollars de rendements d'investissement Au cours de l'exercice 2023.

• Investissements en intelligence artificielle: 8,2 millions de dollars
• Investissements en cloud computing: 6,4 millions de dollars
• Investissements technologiques de cybersécurité: 4 millions de dollars

Frais de transaction des activités de fusion et d'acquisition

Northern Star Investment Corp. II généré 3,7 millions de dollars de frais de transaction des services de conseil en fusion et acquisition en 2023.

Service consultatif de fusions et acquisitions	Frais de transaction
Transactions du secteur technologique	2,1 millions de dollars
Transactions de technologie de santé	1,6 million de dollars

Compensation potentielle basée sur la performance

La structure de rémunération basée sur les performances de l'entreprise générée 2,9 millions de dollars de revenus supplémentaires grâce à des résultats d'investissement réussis.

Appréciation de valeur à long terme du portefeuille d'investissement

L'appréciation de la valeur totale du portefeuille d'investissement a atteint 45,3 millions de dollars Au cours de l'exercice 2023, avec un taux de croissance annuel composé de 14,6%.

Catégorie d'investissement	Appréciation de la valeur
Investissements technologiques	26,7 millions de dollars
Investissements de marché émergents	18,6 millions de dollars

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.