Northland Securities

Northland Securities appears on the underwriting syndicate of 22 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 11 of its 22 SPAC mandates, 50% of them. The remainder are co-manager or syndicate positions, where the economics and the sponsor relationship sit elsewhere.

$4.5B 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: $708M, 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 $400M in Apr 2021. Northland Securities was credited as a syndicate member on that offering.

15 of the SPACs Northland Securities underwrote closed a combination: Lionheart III Corp, Pegasus Digital Mobility Acquisition Corp., Rubicon Technologies, Inc., Red Rock Acquisition Corp., Armada Acquisition Corp. I and Isleworth Healthcare Acquisition Corp.. Closing means the vehicle filed a current report reporting completion of the acquisition. That is an outcome, not a return.

3 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) and OTG Acquisition Corp. I (OTGA). Their combination deadlines are on each profile.

83.3%. Of the 18 vehicles Northland Securities underwrote that have already resolved, 15 closed a business combination and 3 liquidated. The market-wide figure is 59.5%, 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.

Measured against the $10.00 the units were sold at, the only baseline every SPAC shares, the strongest of Northland Securities's closed deals currently is AvePoint, Inc. (AVPT) at $14 a share, ahead of International Money Express, Inc. and SPRUCE POWER HOLDING CORP. Treat that as a snapshot, not a return: it ignores dividends, splits, warrant exercise and anything that happened in between, because historical price series are not part of our data. For a proper total-return comparison use your market-data provider with the post-merger tickers.

Armada (3 deals), Cohen Circle / FTAC (2 deals), TPG (2 deals), FinTech Investor (1 deal) and Breeze (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 (7), Cohen & Company (3), EarlyBirdCapital (3), Ladenburg Thalmann (3) and Ingalls & Snyder (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 Jan 23, 2017 and the most recent Feb 18, 2026. 3 of its vehicles are still live, so the franchise is active.

2021, with 8 mandates worth $1.7B 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 $214M, against a range from $11.9M to $400M. 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 (12), Financial Services (5), Industrials (3), Transportation & Logistics (3) and Energy Transition (3). 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 (7) and NYSE (1). Listing venue is taken from the exchange record on the registrant's SEC profile.

3. 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.