NEW YORK, June 1, 2021 /PRNewswire/ -- Barkbox, Inc.
("BARK" or the "Company"), the leading global brand for dogs, today
announced that it has completed its previously announced merger
with Northern Star Acquisition Corp. ("Northern Star") (NYSE:
STIC), a publicly traded special purpose acquisition company. The
transaction, which was approved by Northern Star's stockholders at
its Annual Meeting of Stockholders held on May 28, 2021, resulted in the combined company
being renamed "The Original BARK Company", with its common stock
and warrants to commence trading on the New York Stock Exchange at
the opening of trading on June 2,
2021 under the new ticker symbols "BARK" and "BARK WS",
respectively.
In connection with the merger and related private placement,
BARK received approximately $427
million in cash proceeds. The funds are expected to be used
to expand BARK's food, home and health product lines, fuel the
continued growth of its toy and treat subscription services,
enhance cross-selling opportunities and reach new customers
domestically and abroad.
Manish Joneja, Chief Executive
Officer of BARK, said, "It is a special day for BARK and our
passionate employees as we enter the public markets and continue to
deliver on our mission of making all dogs happy through the best
products, services and content. The closing of our merger with
Northern Star provides us with the platform to bring our renowned
BarkBox and Super Chewer toy and treat subscription lines to even
more customers, while scaling our newer, high-potential BARK Eats,
BARK Bright, and BARK Home initiatives. By building deep,
personalized relationships with dogs and their parents, we believe
BARK will continue to gain meaningful market share and grow to be
synonymous with all things dogs worldwide."
Mr. Joneja will serve as CEO and lead the combined company
alongside BARK Founders Matt Meeker, Henrik
Werdelin and Carly Strife.
Mr. Meeker will serve as Executive Chairman, and Northern Star
Chairperson and Chief Executive Officer Joanna Coles, a creative media and technology
executive, and President and Chief Operating Officer Jonathan Ledecky, a seasoned executive with over
35 years of investment and operational experience, will serve on
the combined company's Board of Directors.
Ms. Coles said, "The global pet care industry presents a
massive, rapidly expanding market opportunity, but remains in the
early stages of innovation and disruption. BARK, through its
unmatched customer engagement, vertically integrated and
data-driven product development, and omni-channel sales approach
including subscription services and retail partnerships, is
uniquely positioned to capitalize on this opportunity. We are
tremendously proud of the Company's talented, execution-oriented
team and are confident in BARK's ability to create long-term
shareholder value while making the world a happier, healthier place
for dogs."
To celebrate the completion of the merger, members of BARK's
leadership team will ring the opening bell at the New York Stock
Exchange at 9:30 a.m. ET on
Wednesday, June 2, 2021. A live stream of the event and
replay can be accessed by visiting https://www.nyse.com/bell.
Advisors
Citigroup acted as sole financial and capital markets advisor to
Northern Star. Citigroup acted as sole placement agent to Northern
Star in connection with the PIPE Offering.
Canaccord Genuity acted as financial advisor to BARK.
Gunderson Dettmer Stough Villeneuve Franklin &
Hachigian, LLP and Skadden, Arps, Slate, Meagher & Flom LLP
acted as legal counsel to BARK. Graubard Miller acted as legal
counsel to Northern Star.
About BARK
BARK is the world's most dog-centric company, devoted to making
dogs happy with the best products, services and content. BARK's
dog-obsessed team applies its unique, data-driven understanding of
what makes each dog special to design playstyle-specific toys,
wildly satisfying treats and wellness supplements, and dog-first
experiences that foster the health and happiness of dogs
everywhere. Founded in 2012, BARK loyally serves dogs nationwide
with monthly subscription
services, BarkBox and Super Chewer; a curated
e-commerce experience on BarkShop.com; custom collections via
its retail partner network,
including Target and Amazon; wellness products that
meet your dogs' needs with BARK Bright; and a personalized
meal delivery service for dogs BARK Eats. At BARK, we want to
be the people our dogs think we are and promise to be their voice
until every dog reaches its full tail-wagging potential. Sniff
around at bark.co for more information.
Forward Looking Statements
This announcement contains certain forward-looking statements
within the meaning of the federal securities laws, including
statements regarding the benefits of the transaction, the services
offered by BARK and the markets in which it operates, and BARK
projected future results. These forward-looking statements
generally are identified by the words "believe," "project,"
"expect," "anticipate," "estimate," "intend," "strategy," "future,"
"opportunity," "plan," "may," "should," "will," "would," "will be,"
"will continue," "will likely result," and similar expressions.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this
announcement, including but not limited to, changes in domestic and
foreign business, market, financial, political and legal
conditions. These forward-looking statements are subject to a
number of risks and uncertainties including but not limited to:
failure to realize the anticipated benefits of the merger; risks
relating to the uncertainty of the projected financial information
with respect to BARK; the risk that spending on pets may not
increase at projected rates; that BARK subscriptions may not
increase their spending with BARK; BARK's ability to continue to
convert social media followers and contacts into customers; BARK's
ability to successfully expand its product lines and channel
distribution; competition; the uncertain effects of the COVID-19
pandemic; and those factors discussed in documents of Northern Star
filed, or to be filed by BARK, with the SEC. If any of these risks
materialize or our assumptions prove incorrect, actual results
could differ materially from the results implied by these
forward-looking statements. These filings identify and address
other important risks and uncertainties that could cause actual
events and results to differ materially from those contained in the
forward-looking statements. Forward-looking statements speak only
as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and BARK assumes no
obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. BARK gives no assurance that it will
achieve its expectations.
Contacts
For BARK
Investors:
ICR, Inc.
Jean Fontana
Jean.Fontana@icrinc.com
Media:
Garland Harwood
press@barkbox.com
For Northern Star Acquisition Corp.
Jonathan Gasthalter/Nathaniel Garnick/Sam
Fisher
Gasthalter & Co.
(212) 257-4170
northernstar@gasthalter.com
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SOURCE BARK and Northern Star Acquisition Corp.
