Northern Star Investment Corp. II surged Friday after people familiar with the matter said Apex Clearing Corp., a securities custody and clearing firm, is in talks to go public through a merger with the blank-check company.
A merger would value Apex and Northern Star Investment Corp. II at as much as $5 billion, said one of the people, who asked not to be identified because the information is private. Units of Northern Star Investment Corp. II, which is backed by Jonathan Ledecky, co-owner of the National Hockey League’s New York Islanders, rose as much as 9.1% in New York trading.
The units were up 3.4% to $11.34 at 11:14 a.m.
Deliberations are ongoing and details of the transaction with the special purpose acquisition company, or SPAC, may change, the people said. Representatives for Apex Clearing and Northern Star didn’t immediately respond to requests for comment.
Dallas-based Apex’s clients include Stash, Firstrade Securities Inc. and Social Finance Inc., according to its website. Social Finance is also going public through a deal with a SPAC, one backed by serial dealmaker Chamath Palihapitiya.
Ledecky, in a partnership with former Cosmopolitan magazine editor-in-chief Joanna Coles, has raised two SPACs to date and filed last week for two more, according to filings with the U.S. Securities and Exchange Commission.
In December, their first blank-check firm announced a merger with Barkbox Inc., a subscription service for pet supplies. That deal valued the combined company at about $1.6 billion including debt, a statement showed.
Barkbox’s SPAC transaction included a $200 million private placement led by Fidelity Management & Research Co. and Senator Investment Group, among other institutional investors. The deal is expected to be completed in the second quarter.
Northern Star Investment Corp. II raised $400 million in an IPO in January. The two upcoming SPACs are seeking to raise $300 million each.
Whats A Clearing House?
Middle Man For Stock Transactions
Taking the Responsibility of the transaction, even guarantees it
Number 1 Clearing Firm
- Apex Clearing
- Broadcort & Merrill Lynch Professional Clearing Corp.
- FOLIOfn, Inc
- Goldman Sachs Execution and Clearing LP
- J.P. Morgan Clearing Corp.
- National Financial Services LLC
- Pershing LLC
- RBC Correspondent Services
- Sterne Agee Clearing Inc.
- Southwest Securities Inc.
- Wedbush Securities Inc.
- Webull Financial LLC
- Open to the Public Investing Inc.
Who Uses Them?
- M1 Finance
- SoFi Wealth ( chamaths new SPAC )
SoFi Invest: The 411 | SoFi
With SoFi, you can get closer to accomplishing your goals—whether it’s refinancing your student loans, paying off your credit cards, or growing your wealth.
People have asked about SoFi’s equity stake in Apex out of concern that we benefit indirectly from other forms of compensation or payments in the ecosystem. As of Jan 12, 2021, SoFi equity ownership in Apex was reduced from 17% to less than 1% and SoFi does not maintain any board or management role in Apex Clearing Corporation.
- Sogo Trade
- Stash Invest
Are they New or Already Making Money?
Where are they located?
Do they keep folks updated?
Is that it?
How about some Crypto/Bitcoin Suppliment??
hmm odd site is super bare, and last new i could find was 2019?
Ok so SOGO Does do crypto!
This makes since so i bet its just another avenue they offer/upsell to their current clients as a supplement to regular stocks
Ya ok still showing up all over
Ok it all makes since here is Webull, Im sold