Spartan Acquisition IV, a blank check company formed by Apollo Global Management targeting the energy transition space, withdrew its plans for an initial public offering on Thursday. It had filed in March 2021 and most recently planned to raise $300 million by offering 30 million units at $10, with each unit consisting of one share of common stock and one-fifth of a warrant.
The company was set to be led by CEO and Chairman Geoffrey Strong, a Senior Partner at Apollo, and CFO and CAO Julia Ji, who serves as the CFO for Private Equity and Real Assets at Apollo. The company planned to target businesses in the energy value chain, with a focus on opportunities aligned with energy transition and sustainability themes. Specifically, it intended to focus on the renewable energy, energy storage, mobility, advanced fuels, and carbon mitigation sectors.
Management had launched three previous SPACs: 2018 IPO Spartan Energy Acquisition, which merged with EV maker Fisker (NYSE: FSR; -14% from $10 offer price) in November 2020; 2020 IPO Spartan Acquisition II, which merged with Sunlight Financial Holdings (SUNL; -70%) in July 2021; and 2021 IPO Spartan Acquisition III, which merged with EV charging company Allego (ALLG; -49%).
The New York, NY-based company was founded in 2021 and planned to list on the Nasdaq under the symbol SRTN.U. Goldman Sachs, Citi, Credit Suisse, J.P. Morgan, Barclays, and RBC Capital Markets were set to be the joint bookrunners on the deal.
