Spartan Acquisition II, the second blank check company formed by Apollo Global Management targeting the North American energy industry, lowered the proposed deal size for its upcoming IPO on Friday.
The New York, NY-based company now plans to raise $250 million by offering 25 million units at $10. The company had previously filed to offer 40 million units at the same price. Each unit now consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Each unit previously contained one-third of a warrant. At the revised deal size, Spartan Acquisition II will raise -38% less in proceeds than previously anticipated.
The company is led by CEO and Director Geoffrey Strong, who is a Senior Partner at Apollo; CFO and CAO James Crossen, who serves as the CFO for Private Equity and Real Assets at Apollo; and Chairman John MacWilliams, a Senior Advisor at Apollo. Apollo's previous SPAC, Spartan Energy Acquisition, went public in August 2018 and completed its acquisition of EV auto developer Fisker (FSR; +70% from $10 offer price) this past October. Spartan Acquisition II plans to focus on opportunities aligned with energy transition and sustainability themes.
Spartan Acquisition II was founded in 2020 and plans to list on the NYSE but has not selected a symbol yet (RC ticker: SPARU.RC). Citi, Credit Suisse, Cowen, Morgan Stanley, Barclays and RBC Capital Markets are the joint bookrunners on the deal.
