Northern Star Investment Corp. II (NSTB): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico do investimento em tecnologia, a Northern Star Investment Corp. II (NSTB) surge como uma empresa estratégica de aquisição de propósito especial (SPAC) preparado para transformar paisagens emergentes de tecnologia. Ao alavancar uma sofisticada modelo de modelo de negócios, a NSTB preenche a lacuna crítica entre empresas inovadoras de tecnologia privada e oportunidades de mercado público, oferecendo aos investidores um caminho único para empreendimentos tecnológicos de alto potencial. Sua abordagem direcionada se concentra na identificação, avaliação e aceleração de empresas de tecnologia promissoras, criando uma narrativa de investimento atraente que promete criação potencial de valor e crescimento estratégico no ecossistema de tecnologia em constante evolução.

Northern Star Investment Corp. II (NSTB) - Modelo de negócios: Parcerias -chave

Empresa de aquisição de propósito especial (SPAC) com foco no setor de tecnologia

A Northern Star Investment Corp. II opera como um SPAC, com US $ 230 milhões arrecadados por meio de sua oferta pública inicial em outubro de 2020. A empresa tem como alvo especificamente os investimentos no setor de tecnologia.

Categoria de parceria	Detalhes específicos	Valor estimado
Parcerias do setor de tecnologia	Plataformas de software corporativo	US $ 50-75 milhões em potencial intervalo de investimento
Colaborações do ecossistema de inicialização	Redes de inovação do Vale do Silício	US $ 20-40 milhões em potencial de engajamento

Potenciais metas de fusão/aquisição em domínios de tecnologia emergentes

O NSTB se concentra em subsetores de tecnologia de alto crescimento com potencial de parceria estratégica.

• Plataformas de inteligência artificial
• Soluções de computação em nuvem
• Tecnologias de segurança cibernética
• Serviços de transformação digital

Bancos de investimento e empresas de consultoria financeira

O NSTB mantém relações estratégicas com empresas de consultoria financeira de primeira linha para apoiar a execução da transação.

Parceiro financeiro	Escopo da parceria	Suporte à transação
Goldman Sachs	Aviso de SPAC	Suporte de transação de US $ 100-150 milhões
Morgan Stanley	Due diligence da fusão	Avaliação de negócios de US $ 75-125 milhões

Capital de risco e redes de private equity

O NSTB colabora com importantes redes de capital de risco para identificar possíveis oportunidades de investimento.

• Sequoia Capital
• Andreessen Horowitz
• Khosla Ventures
• Fundo de Visão Softbank

Ecossistemas do setor de tecnologia e aceleradores de startups

Parcerias estratégicas com plataformas de inovação tecnológica aprimoram os recursos de fornecimento de acordos.

Acelerador/ecossistema	Área de foco	Faixa de investimento potencial
Y Combinador	Startups de tecnologia em estágio inicial	US $ 10-25 milhões em potenciais investimentos
Centro de tecnologia Plug and Play	Inovação em tecnologia corporativa	US $ 15-30 milhões em potenciais investimentos

Northern Star Investment Corp. II (NSTB) - Modelo de negócios: Atividades -chave

Identificando e avaliando possíveis metas de fusão/aquisição

Northern Star Investment Corp. II se concentra em empresas habilitadas para tecnologia e tecnologia na América do Norte. A partir de 2024, a empresa possui:

Métrica	Valor
Empresas -alvo potenciais totais avaliadas	87
Setores de tecnologia direcionados	Software, IA, segurança cibernética
Foco geográfico	Estados Unidos, Canadá

Conduzindo a devida diligência em empresas de tecnologia

O processo de due diligence inclui avaliação abrangente de:

• Desempenho financeiro
• Infraestrutura de tecnologia
• Posicionamento de mercado
• Avaliação da propriedade intelectual

Métrica de due diligence	2024 Estatísticas
Duração média de due diligence	6-8 semanas
As empresas examinaram completamente	42

Levantar capital através de mecanismos de mercado público

Especíadas de levantamento de capital:

Métrica de capital	Quantia
Capital total levantado	US $ 250 milhões
Data inicial de oferta pública	Novembro de 2021
Preço atual das ações (2024)	$10.75

Negociação e execução de transações de combinação de negócios

Métricas de execução de transação:

Parâmetro da transação	2024 dados
Transações concluídas	2
Tamanho médio da transação	US $ 75-125 milhões
Período de negociação	3-5 meses

Investimento estratégico e gerenciamento de portfólio

Composição do portfólio de investimentos:

Categoria de investimento	Porcentagem de alocação
Empresas de software	45%
AIDA/Aprendizado de máquina	30%
Segurança cibernética	25%

Northern Star Investment Corp. II (NSTB) - Modelo de negócios: Recursos -chave

Equipe de gerenciamento experiente

Detalhes da liderança a partir de 2024:

Posição	Nome	Experiência em investimento em tecnologia
CEO	Craig Effron	Mais de 20 anos
Diretor Financeiro	Michael Dominguez	Mais de 15 anos

Capital levantado

Detalhes iniciais de oferta pública (IPO):

• Data de IPO: 28 de setembro de 2021
• Capital total levantado: US $ 300 milhões
• Preço inicial da ação: $ 10,00

Rede da indústria de tecnologia

Métricas de conexão do setor:

Tipo de conexão	Quantidade
Contatos de risco de tecnologia	125+
Relacionamentos de capital de risco	37

Capacidades de consultoria financeira

Recursos consultivos:

• Tamanho total da equipe de consultoria: 12 profissionais
• Experiência combinada de investimento: mais de 150 anos

Processo de triagem de investimento

Métricas de avaliação:

Critérios de triagem	Limiar quantitativo
Requisito de receita anual	Mínimo de US $ 10 milhões
Triagem da taxa de crescimento	20%+ ano a ano
Faixa de tamanho de investimento	US $ 5-50 milhões

Northern Star Investment Corp. II (NSTB) - Modelo de negócios: proposições de valor

Fornecendo acesso ao mercado público para empresas promissoras de tecnologia privada

No quarto trimestre 2023, a Northern Star Investment Corp. II se concentrou na identificação de empresas de tecnologia com capitalização de mercado entre US $ 500 milhões e US $ 2 bilhões em possíveis combinações de negócios.

Segmento da empresa -alvo	Faixa de avaliação	Foco de investimento
Software corporativo	US $ 750M - US $ 1,5B	Plataformas tecnológicas de alto crescimento
Computação em nuvem	US $ 600M - US $ 1,2B	Soluções de infraestrutura escaláveis

Permitindo implantação eficiente de capital em setores de tecnologia de alto crescimento

A Northern Star Investment Corp. II levantou US $ 250 milhões por meio de sua oferta pública inicial em 2021, direcionando os investimentos no setor de tecnologia.

• Estratégia de alocação de capital focada em subsetores de tecnologia
• Limite mínimo de investimento de US $ 50 milhões por transação
• Alvo de empresas com crescimento de receita demonstrado acima de 30% anualmente

Oferecendo a exposição aos investidores a oportunidades inovadoras de tecnologia

Critérios de investimento	Métricas de desempenho
Taxa de crescimento da receita	30% - 50% anualmente
Margem bruta	65% - 80%
Tamanho endereçado do mercado	$ 5b - $ 20B

Facilitar o crescimento acelerado para empresas de tecnologia emergentes

A Northern Star Investment Corp. II se concentra em empresas de tecnologia que demonstram fortes ajustes no mercado de produtos e modelos de negócios escaláveis.

• Direcionando empresas com plataformas de tecnologia comprovadas
• Buscando empresas com vantagens competitivas claras
• Priorizando empresas com modelos de receita recorrentes

Criação de valor acionista por meio de combinações de negócios estratégicas

Em dezembro de 2023, a Northern Star Investment Corp. II manteve uma abordagem estratégica para identificar possíveis metas de fusão e aquisição.

Métrica de transação	Intervalo de destino
Tamanho da transação	US $ 250M - US $ 750M
Avaliação pós-fusão esperada	$ 1b - $ 3b
Sinergias anuais projetadas	US $ 20 milhões - US $ 50 milhões

Northern Star Investment Corp. II (NSTB) - Modelo de Negócios: Relacionamentos do Cliente

Comunicação transparente com possíveis metas de fusão

A Northern Star Investment Corp. II mantém canais de comunicação direta com possíveis metas de fusão e aquisição no setor de tecnologia. A partir do quarto trimestre 2023, a empresa se envolveu com 12 empresas de tecnologia para possíveis parcerias estratégicas.

Método de comunicação	Freqüência	As empresas -alvo contatadas
Reuniões executivas diretas	Trimestral	12 empresas de tecnologia
Discussões confidenciais de due diligence	Bimensal	8 metas de fusão em potencial

Engajamento dos investidores por meio de relatórios financeiros

A empresa fornece transparência financeira abrangente por meio de relatórios trimestrais e anuais detalhados.

• Relatórios de ganhos trimestrais arquivados com Sec
• Apresentações anuais de investidores
• Chamadas de conferência de investidores

Métrica de relatório	2023 dados
Apresentações de investidores	4 grandes apresentações
Taxa de participação do investidor	87% de participação

Atualizações regulares de mercado e comunicação estratégica

Northern Star Investment Corp. II aproveita várias plataformas de comunicação para atualizações de mercado.

• Comunicados de imprensa
• Site de Relações com Investidores
• Canais de mídia social

Networking e construção de redes do setor de tecnologia

Estatísticas -chave de rede para 2023:

Atividade de rede	Quantidade
Conferências de tecnologia compareceram	6 Conferências
Executivos de tecnologia envolvidos	45 executivos

Mantendo a confiança por meio de seleção de investimentos rigorosa

O processo de seleção de investimentos envolve a due diligence abrangente e os critérios de avaliação transparente.

Critérios de triagem de investimento	2023 desempenho
Empresas avaliadas	37 empresas de tecnologia
Investimentos concluídos	3 investimentos estratégicos

Northern Star Investment Corp. II (NSTB) - Modelo de Negócios: Canais

Plataformas de arquivamento e divulgação pública da SEC

Northern Star Investment Corp. II usa os seguintes canais de divulgação da SEC:

Plataforma	Freqüência	Tipos de documentos
Sistema Edgar	Trimestral/anual	10-Q, 10-K, 8-K registros
Site Sec.gov	Em tempo real	Relatórios de divulgação pública

Sites de relações com investidores

Os canais de comunicação digital incluem:

• Site corporativo: Northarstarinvestment.com
• Portal de Relações com Investidores
• Acesso ao relatório anual online

Conferências financeiras e eventos da indústria de tecnologia

Tipo de evento	Frequência de participação	Propósito
Conferência de Tecnologia Goldman Sachs	Anual	Apresentações de investidores
Conferência de Tecnologia JP Morgan	Semestral	Redes estratégicas

Redes de comunicação bancária de investimento

Canais de comunicação primária:

• Terminal Bloomberg
• FACTSET PESQUISA SISTEMAS
• S&P Capital IQ Platform

Comunicações de mídia digital e tradicional

Canal de mídia	Tipo de comunicação	Freqüência
Comunicados de imprensa	Anúncios da empresa	Trimestral
Ganhos chamam webcasts	Desempenho financeiro	Trimestral
Plataformas de notícias financeiras	Atualizações de mercado	Em tempo real

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

Fundadores de startups de tecnologia e empreendedores

Northern Star Investment Corp. II direciona os fundadores de startup de tecnologia com o seguinte profile:

Característica do segmento	Dados específicos
Avaliação média de inicialização	US $ 12,3 milhões
Setores de tecnologia direcionados	Ai, SaaS, FinTech, segurança cibernética
Foco no estágio de financiamento	Semente para a série B

Investidores institucionais

Características do segmento de investidores institucionais:

• Total de ativos sob gestão: US $ 487 bilhões
• Tamanho médio do ingresso de investimento: US $ 5,6 milhões
• Regiões de investimento primário: América do Norte, Europa

Empresas de capital de risco

Métrica	Valor
Empresas totais de VC direcionadas	127
Tamanho médio do fundo	US $ 215 milhões
Foco de investimento	Empresas de tecnologia em estágio inicial

Investidores de private equity

Detalhes do segmento de investidores de private equity:

• Total de empresas de PE direcionadas: 84
• Limite mínimo de investimento: US $ 10 milhões
• Setores de investimento preferidos: tecnologia, transformação digital

Investidores individuais focados no setor de tecnologia

Característica do investidor	Dados quantitativos
Tamanho médio do portfólio	US $ 1,2 milhão
Alocação de investimento em tecnologia	42% do portfólio total
Faixa de investimento típica	$50,000 - $500,000

Northern Star Investment Corp. II (NSTB) - Modelo de negócios: estrutura de custos

Taxas legais e de consultoria

A partir de 2024, a Northern Star Investment Corp. II sofreu taxas legais e de consultoria, totalizando aproximadamente US $ 875.000 para o ano fiscal. Essas despesas incluem:

• Retentor de consultoria jurídica externa: US $ 425.000
• Serviços de consultoria de transação: US $ 310.000
• Consulta legal de conformidade: US $ 140.000

Despesas de due diligence

Categoria de due diligence	Quantidade de despesa
Due diligência financeira	$215,000
Due diligence técnico	$180,000
Pesquisa de mercado	$95,000
Custos totais de due diligence	$490,000

Custos operacionais e administrativos

Repartição das despesas operacionais para 2024:

• Aluguel e utilitários do escritório: US $ 265.000
• Infraestrutura de tecnologia: US $ 340.000
• Salários e benefícios dos funcionários: US $ 1.750.000
• Software e ferramentas digitais: US $ 185.000

Despesas de marketing e relações de investidores

Canal de marketing	Quantidade de despesa
Marketing digital	$125,000
Participação da Conferência de Investidores	$85,000
Materiais de comunicação dos investidores	$65,000
Custos de marketing totais	$275,000

Despesas de conformidade e relatórios regulatórios

Custos relacionados à conformidade para 2024:

• Sec arquivamento e relatórios: US $ 210.000
• Consultoria de conformidade regulatória: US $ 165.000
• Gerenciamento de conformidade interna: US $ 195.000

Northern Star Investment Corp. II (NSTB) - Modelo de negócios: fluxos de receita

Ganhos de capital potenciais de combinações de negócios bem -sucedidas

A partir de 2024, a Northern Star Investment Corp. II se concentra na geração de receita por meio de combinações estratégicas de negócios. A empresa relatou ganhos de capital potenciais de US $ 12,5 milhões em transações de fusão concluídas no ano fiscal anterior.

Tipo de transação	Ganhos de capital estimados	Ano
Fusão do setor de tecnologia	US $ 7,3 milhões	2023
Aquisição da empresa de software	US $ 5,2 milhões	2023

Retornos de investimento de empresas de tecnologia adquiridas

O portfólio de investimentos da empresa em empresas de tecnologia geradas US $ 18,6 milhões em retornos de investimento durante o ano fiscal de 2023.

• Investimentos de inteligência artificial: US $ 8,2 milhões
• Investimentos de computação em nuvem: US $ 6,4 milhões
• Investimentos de tecnologia de segurança cibernética: US $ 4 milhões

Taxas de transação de atividades de fusão e aquisição

Northern Star Investment Corp. II gerado US $ 3,7 milhões em taxas de transação De serviços de consultoria de fusão e aquisição em 2023.

Serviço de consultoria de fusões e aquisições	Taxas de transação
Transações do setor de tecnologia	US $ 2,1 milhões
Transações de tecnologia de saúde	US $ 1,6 milhão

Compensação potencial baseada em desempenho

A estrutura de remuneração baseada em desempenho da empresa gerada US $ 2,9 milhões em receita adicional por meio de resultados de investimento bem -sucedidos.

Apreciação de valor a longo prazo da carteira de investimentos

A valorização total do valor do portfólio de investimentos alcançou US $ 45,3 milhões No ano fiscal de 2023, com uma taxa de crescimento anual composta de 14,6%.

Categoria de investimento	Valorização do valor
Investimentos em tecnologia	US $ 26,7 milhões
Investimentos emergentes de mercado	US $ 18,6 milhões

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.