Northern Star SPAC agreed to settle SEC charges related to IPO disclosures

The Securities and Exchange Commission announced that Northern Star Investment Corp. II, a special purpose acquisition company, or SPAC, agreed to settle charges that it made misleading statements in forms filed with the SEC as part of its January 2021 initial public offering, or IPO. The SEC’s order finds that Northern Star violated an antifraud provision of the Securities Act of 1933. Without admitting or denying the SEC’s findings, Northern Star agreed to a cease-and-desist order and to pay a $1.5M penalty in the event it closes a merger transaction.