Exhibit 99.1
NORTHERN STAR INVESTMENT CORP. III RECEIVES NYSE NOTIFICATION OF NON-COMPLIANCE WITH LISTING RULES
NEW YORK– June 1, 2021 - Northern Star Investment Corp. III (NYSE: NSTC) (“Northern Star III” or the “Company”) today announced that on May 25, 2021, it received a letter from the Regulation Department of the New York Stock Exchange (“NYSE”) advising the Company that the Company did not comply with Section 802.01E of NYSE’s Listed Company Manual (the “Rule”) for continued listing because NYSE had not received the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2021 (the “Form 10-Q”).
On April 12, 2021, the Staff of the U.S. Securities and Exchange Commission (the “SEC”) issued the “Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”) (the “SEC Statement”), which clarified guidance for all SPAC-related companies regarding the accounting and reporting for their warrants. As a SPAC, the Company has been re-evaluating the accounting treatment of its warrants as equity, and determining whether, based on the SEC Statement, such warrants should be, and should previously have been, classified as liabilities measured at fair value, with non-cash fair value adjustments recorded in earnings at each reporting period. Because the Company does not have full-time accounting and administrative staff, it is reliant on third-party accountants to perform this evaluation in order to inform the Company’s determination. The SEC Statement has given rise to significantly increased demand for the services of third-party accountants, delaying resolution of this issue and finalization of the Form 10-Q.
The Company is working diligently to complete the Form 10-Q. This notification has no immediate effect on the listing of the Company’s securities on NYSE. If the Company fails to file the Form 10-Q within six months of its original due date, the NYSE may, in its sole discretion, allow the Company’s securities to continue to trade on the NYSE for up to an additional six months depending on specific circumstances, as outlined in the Rule.
About Northern Star Investment Corp. III
Northern Star Investment Corp. III is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities.
Forward Looking Statements
This press release includes certain “forward-looking” statements, as that term is defined under the federal securities laws. Forward-looking statements include, among others, statements about the Company’s plans to restate its consolidated financial statements and amend prior SEC filings, the timing of such restatement, and the restatement’s effect on the Company’s prior consolidated financial statements. These statements are often, but not always, made through the use of words or phrases such as “may,” “will,” “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “believe,” “intend,” “predict,” “potential,” “opportunity,” and similar words or phrases or the negatives of these words or phrases. These forward-looking statements are based on the Company’s current assumptions, expectations, and beliefs and are subject to substantial risks, estimates, assumptions, uncertainties, and changes in circumstances that may cause actual results, performance, or achievements to differ materially from those expressed or implied in any forward-looking statement, including, among others, the timing and nature of the final resolution of the accounting issues
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