Dive Brief:
Bark, known for its BarkBox and Super Chewer pet subscription boxes, has entered into an agreement to be acquired by Northern Star Acquisition Corp., a publicly-traded special purpose acquisition company.
Through the deal, which values Bark at $1.6 billion, the pet brand will make its public debut on the New York Stock Exchange with the new ticker symbol BARK, the company announced on Thursday.
The deal is expected to be completed by the second quarter of 2021, according to documents Northern Star Acquisition Corp. filed with the Securities and Exchange Commission.
Dive Insight:
As the coronavirus pandemic continues, the gap between businesses suffering and those succeeding in the retail industry grows wider.
BARK, A Leading Brand for Dogs, to List on NYSE Through Merger with Northern Star Acquisition Corp
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Barkbox to go public through merger with SPAC Northern Star Acquisition, as ticker changes to BARK
marketwatch.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marketwatch.com Daily Mail and Mail on Sunday newspapers.
2020/12/17 23:27 NEW YORK (AP) Bark, which ships pet toys and treats every month, is heading to Wall Street, taking advantage of the pandemic-related boom in online pet spending. Founded in 2012, Bark ships dog treats, chews and squeaky toys, through its service called BarkBox. It also has other brands, including Bark Eats, which creates personalized meal plans for pups. It’s a good time to sell kibble online. More people are avoiding stores and shopping for their pets online during the pandemic. Pet supplies are one of the fastest growing categories online, with sales up 64% in the first eight months of this year, according to retail consulting firm 1010data.
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BarkBox Hits $1.6B Valuation In SPAC Deal Driven By 3 Firms
Law360 (December 17, 2020, 2:00 PM EST) BarkBox, a monthly subscription service for dog owners, plans to merge with a special purpose acquisition company to go public at a $1.6 billion valuation in a deal guided by Gunderson Dettmer, Skadden and Graubard Miller, the companies said Thursday.
The agreement merges New York-based Barkbox Inc. with Northern Star Acquisition Corp., and the resulting entity will be listed on the New York Stock Exchange under the ticker symbol BARK, according to a statement. The transaction values BarkBox at $1.6 billion, including debt.
Formed in 2012, BarkBox offers monthly subscriptions for dog owners to receive boxes filled with toys and treats..