Northern

Northern appears on the underwriting syndicate of 1 special purpose acquisition company IPO in our index, including Appreciate Holdings, Inc.. The full list, with the role credited on each cover page, is in the mandates table on this page.

We have not indexed a book-running credit for Northern; every mandate on record is a co-manager or syndicate position. Bookrunner status is read from the prospectus cover, so a blank can also mean the cover did not separate the roles.

$230M of gross proceeds across every offering Northern was named on. That is the conventional league-table measure, which credits the full deal to each syndicate member. The narrower figure is its own allocation: $20.0M, being the units the underwriting agreements assigned to Northern specifically, priced at the $10 standard SPAC unit.

Appreciate Holdings, Inc., which raised $230M in Dec 2020. Northern was credited as a syndicate member on that offering.

1 of the SPACs Northern underwrote closed a combination: Appreciate Holdings, Inc.. Closing means the vehicle filed a current report reporting completion of the acquisition. That is an outcome, not a return.

Northern has no live SPAC mandates in our index; every vehicle it underwrote has either closed a deal or wound up.

100%. Of the 1 vehicles Northern underwrote that have already resolved, 1 closed a business combination and 0 liquidated. The market-wide figure is 59.5%, so Northern sits above it. SPACs still searching are excluded, because an unfinished clock is not a result. The rate measures the vehicles, not the bank: a syndicate has no control over whether a sponsor finds a target.

We hold a current quote for none of Northern's closed deals, so no comparison is possible here. Post-merger price history is not part of our dataset, and we would rather say so than imply a ranking the data does not support. What this page does show is the outcome of every vehicle and the trust economics disclosed at the time.

HC PropTech (1 deal). Sponsor franchises are resolved from the sponsor entity named in each prospectus, so repeat issuers group together even though every vehicle is a separate legal entity.

Most often Cantor Fitzgerald (1) and Northland Securities (1). Syndicate composition is read from the prospectus cover and the underwriting section, so these are co-appearances on the same offering, not a commercial relationship we have any other visibility into.

Its first SPAC IPO in our index priced Dec 7, 2020 and the most recent Dec 7, 2020. It has no live vehicles at present.

The average offering it has been named on raised $230M, against a range from $230M to $230M. Deal size is a reasonable proxy for where a house sits in the market: the bulge bracket concentrates on larger trusts, the SPAC specialists on smaller ones.

Technology (1) and Real Estate (1). Mandates are read from charter language in the prospectus and are often deliberately broad. Many SPACs reserve the right to pursue any industry, in which case no sector is tagged at all.

None in our index. Either its vehicles closed a deal or they are still inside their combination window.

Every figure is read from filings the registrants made with the SEC. Syndicate membership and role come from the prospectus cover and the underwriting section of each IPO prospectus (Form 424B4); outcomes come from the filing record: a current report announcing completion, or a delisting notice ending a liquidation. Nothing here is sourced from press coverage or from Northern itself.