NOTE 1. DESCRIPTION OF
ORGANIZATION AND BUSINESS OPERATIONS
Northern Star Acquisition Corp. (now known as The Original BARK Company) (the
Company) was incorporated in Delaware on July 8, 2020. The Company was formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with
one or more businesses (a Business Combination).
Although the Company is not limited to a particular industry or geographic
region for purposes of consummating a Business Combination, the Company intends to focus on businesses in North America that provide technology-enabled solutions in industrial and industrial distribution markets. The Company is an early stage and
emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. On December 28, 2020, the Company changed its fiscal year end from December 31 of each year to
March 31 of each year.
The Company has one subsidiary, NSAC Merger Sub Corp., a wholly-owned subsidiary of the Company incorporated
in Delaware on December 14, 2020 (Merger Sub).
As of March 31, 2021, the Company had not commenced any operations.
All activity through March 31, 2021 relates to the Companys formation, the initial public offering (Initial Public Offering), which is described below, and the search for a target company for a Business Combination. The
Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the
proceeds derived from the Initial Public Offering.
The registration statement for the Companys Initial Public Offering was declared
effective on November 10, 2020. On November 13, 2020, the Company consummated the Initial Public Offering of 25,000,000 units (the Units and, with respect to the shares of Class A common stock included in the Units
sold, the Public Shares), at $10.00 per Unit, generating gross proceeds of $250,000,000, which is described in Note 3.
Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 4,500,000 warrants (the Private
Warrants) at a price of $1.50 per Private Warrant, in a private placement to Northern Star Sponsor LLC, a Delaware limited liability company (the Sponsor), generating gross proceeds of $6,750,000, which is described in Note 4.
On November 24, 2020, in connection with the underwriters election to partially exercise their over-allotment option, the Company
consummated the sale of an additional 435,000 Units, at $10.00 per Unit for additional gross proceeds of $4,350,000, and the sale of an additional 58,000 Private Warrants, at $1.50 per Private Warrant for additional gross proceeds of $87,000.
Transaction costs amounted to $14,437,777, consisting of $5,087,000 of underwriting fees, $8,902,250 of deferred underwriting fees and
$448,527 of other offering costs. Of the total transaction costs, $13,926,600 were charged to additional paid in capital and $511,177 were charged to other income (expense) transaction costs incurred in connection with warrant liabilities.
Following the closing of the Initial Public Offering on November 13, 2020 and the underwriters election to partially exercise their
over-allotment on November 24, 2020, an amount of $254,350,000 ($10.00 per Unit) from
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