Northland Securities

Northland Securities appears on the underwriting syndicate of 14 special purpose acquisition company IPOs in our index, including Armada Acquisition Corp. III (AACI), General Purpose Acquisition Corp. (GPAC), OTG Acquisition Corp. I (OTGA) and Armada Acquisition Corp. II (XRPN). The full list, with the role credited on each cover page, is in the mandates table on this page.

Northland Securities was credited as a book-running manager on 6 of its 14 SPAC mandates, 43% of them. The remainder are co-manager or syndicate positions, where the economics and the sponsor relationship sit elsewhere.

$2.7B of gross proceeds across every offering Northland Securities 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: $554.7M, being the units the underwriting agreements assigned to Northland Securities specifically, priced at the $10 standard SPAC unit.

TPG Pace Beneficial II Corp., which raised $400.0M in Apr 2021. Northland Securities was credited as a syndicate member on that offering.

2 of the SPACs Northland Securities underwrote closed a combination: Lionheart III Corp and Red Rock Acquisition Corp.. Closing means the vehicle filed a current report reporting completion of the acquisition. That is an outcome, not a return.

5 vehicles Northland Securities took public are still live, either searching or working towards an announced combination: Armada Acquisition Corp. III (AACI), General Purpose Acquisition Corp. (GPAC), OTG Acquisition Corp. I (OTGA), Armada Acquisition Corp. II (XRPN) and TPG Pace Solutions Corp.. Their combination deadlines are on each profile.

22.2%. Of the 9 vehicles Northland Securities underwrote that have already resolved, 2 closed a business combination and 7 liquidated. The market-wide figure is 13.2%, so Northland Securities 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 Northland Securities'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.

Armada (3 deals), Cohen Circle / FTAC (2 deals), TPG (2 deals), General Purpose (1 deal) and Hennessy Capital (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 Ladenburg Thalmann (3), Cohen & Company (3), Ingalls & Snyder (2), I-Bankers Securities (2) and EarlyBirdCapital (2). 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 Nov 19, 2018 and the most recent Feb 18, 2026. 5 of its vehicles are still live, so the franchise is active.

2021, with 7 mandates worth $1.4B of gross proceeds. The chart on this page shows the full year-by-year run, which for most houses traces the 2020-21 boom and the retreat that followed.

The average offering it has been named on raised $206.6M, against a range from $11.9M to $400.0M. 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 (7), Financial Services (4), Industrials (3), Energy Transition (3) and Transportation & Logistics (2). 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.

Nasdaq (4). Listing venue is taken from the exchange record on the registrant's SEC profile.

7. A liquidation means the vehicle reached its combination deadline without closing a deal and returned the trust to public shareholders. That is the mechanism working as designed, not a default. Holders who did not redeem got their pro-rata share of the trust back.

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 Northland Securities itself.