Spartan Acquisition III, the third blank check company formed by Apollo Global Management targeting the energy transition space, filed on Friday with the SEC to raise up to $400 million in an initial public offering.
The New York, NY-based company plans to raise $400 million by offering 40 million units at $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the proposed deal size, Spartan Acquisition III would command a market value of $500 million.
The company is led by CEO and Chairman Geoffrey Strong, who is a Senior Partner at Apollo, and CFO and CAO James Crossen, who serves as the CFO for Private Equity and Real Assets at Apollo. The company plans to target the energy value chain in North America, with a particular focus on opportunities aligned with energy transition and sustainability themes.
Apollo's previous SPACs include Spartan Acquisition II (SPRQU; +11% from $10 offer price), which went public in November 2020, and Spartan Energy Acquisition, went public in August 2018 and completed its acquisition of EV auto developer Fisker (FSR; +51%) this past October.
Spartan Acquisition III was founded in 2020 and plans to list on the NYSE under the symbol SPAQ.U. The company filed confidentially on January 7, 2021. Credit Suisse, Citi, Cowen, Morgan Stanley, Barclays, and RBC Capital Markets are the joint bookrunners on the deal.
