Spartan Acquisition Corp. II Announces Pricing of Upsized $300,000,000 Initial Public Offering

Rhea-AI Summary

Spartan Acquisition Corp. II announced the pricing of its IPO, offering 30,000,000 units at $10.00 each, to be listed on the NYSE under the symbol 'SPRQ U' starting November 25, 2020. Each unit includes one share of Class A common stock and half a redeemable warrant, enabling purchase of additional shares at $11.50. Underwriters have a 45-day option to buy up to 4,500,000 additional units. The offering aims to identify a target business in the energy sector, particularly focused on energy transition. Forward-looking statements indicate uncertainties regarding completion of the offering.

Positive

• IPO of 30 million units priced at $10.00 indicates strong investor interest.
• Focus on energy transition aligns with market trends, potentially enhancing growth opportunities.

Negative

• No assurance the offering will complete as described, highlighting investment risk.

New York, Nov. 24, 2020 (GLOBE NEWSWIRE) -- Spartan Acquisition Corp. II (the “Company”) announced today the pricing of its initial public offering (“IPO”) of 30,000,000 units at a price of $10.00 per unit. The units will be listed on the New York Stock Exchange (the “NYSE”) and trade under the ticker symbol “SPRQ U” beginning on November 25, 2020. Each unit consists of one share of the Company’s Class A common stock and one-half of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one share of the Company’s Class A common stock at an exercise price of $11.50 per share. Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on the NYSE under the symbols “SPRQ” and “SPRQ WS,” respectively.

Citigroup, Credit Suisse and Cowen are acting as book-running managers and representatives of the underwriters. Morgan Stanley, Barclays and RBC Capital Markets are acting as book-running managers for the offering. TD Securities, MUFG and Siebert Williams Shank are acting as co-managers for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 4,500,000 units at the IPO price.

The public offering will only be made by means of a prospectus. Copies of the preliminary prospectus relating to the offering and final prospectus, when available, may be obtained from Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by telephone at (800) 831-9146; Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, Telephone: (800) 221-1037, email: usa.prospectus@credit-suisse.com; or Cowen and Company, LLC c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY,11717, Attn: Prospectus Department, by email at PostSaleManualRequests@broadridge.com or by telephone at (833) 297-2926.

A registration statement relating to these securities has been declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on November 24, 2020. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Spartan Acquisition Corp. II

Spartan Acquisition Corp. II was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. The Company intends to focus its search for a target business in the energy value chain in North America, with a particular focus on opportunities aligned with energy transition and sustainability themes. The Company is sponsored by Spartan Acquisition Sponsor II LLC, which is owned by a private investment fund managed by an affiliate of Apollo Global Management, Inc. (“Apollo”) (NYSE: APO).

Forward Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the IPO. No assurance can be given that the offering discussed above will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company’s offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contacts:

For investors please contact:
info@spartanspacii.com

For media inquiries please contact:
communications@apollo.com

FAQ

What is the IPO price for Spartan Acquisition Corp. II's offering?

The IPO price is set at $10.00 per unit.

What will the ticker symbol be for Spartan Acquisition Corp. II after the IPO?

The ticker symbol will be 'SPRQ U'.

When is Spartan Acquisition Corp. II's stock expected to start trading?

The stock is expected to begin trading on November 25, 2020.

What is included in each unit of Spartan Acquisition Corp. II's IPO?

Each unit consists of one share of Class A common stock and half of one redeemable warrant.

What is the purpose of Spartan Acquisition Corp. II's IPO?

The IPO aims to raise capital to identify a target business in the energy value chain.