Apollo Global backed Spartan Acquisition Corp. II launches $250M IPO

  • 19th Jan'21
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About Spartan Acquisition Corp. II

With the motive of getting into a merger, amalgamation, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses, Spartan Acquisition Corp. II was formed. Operating as a blank check company, its particular focus is on opportunities aligned with energy transition and sustainability themes. Also, the company aims to focus its search for a target business in the energy value chain in North America. 


Apollo Global Management

Specialized in investing across credit, private equity, and real assets, Apollo Global Management, Inc. is a global alternative investment management firm. The Company raises, invests, and manages funds on behalf of pension, endowment, and sovereign wealth funds, and also for other institutional and individual investors. The segments of the company include private equity, credit, and real estate. ADT, CareerBuilder, Cox Media Group, Intrado, Rackspace, Redbox, and Shutterfly among others are some of the remarkable companies in which Apollo has an investment. Learn more about Apollo Global Management.

Also read: Mrs. Bectors Food gets Sebi's go-ahead to float Rs 550-cr IPO


Sparton Acquisition II IPO

Source: SEC.gov

On November 23, 2020, Spartan Acquisition Corp. II announced that it had commenced its initial public offering (“IPO”) of 25,000,000 units and the price of each unit is $10.00. To purchase up to additional 3,750,000 units, the company intends to grant the underwriters a 45-day option.

In the IPO, each unit issued will include one share of the Company’s Class A standard stock and one-half of 1 redeemable warrant. One 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. The units are expected to trade under the ticker symbol “SPRQ U” and it is to be listed on the New York Stock Exchange (the “NYSE”). When the securities of 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.

Book-running managers and representatives of the underwriters are Citigroup, Credit Suisse, and Cowen and book-running managers for the offering are Morgan Stanley, Barclays, and RBC Capital Markets. TD Securities, MUFG, and Siebert Williams Shank are acting as co-managers for the offering. 

Check more details of the IPO.


Understanding Company’s Class A common stock

Common stock is a form of corporate equity ownership, which indicates that the investors in the company do not own any particular assets instead, all of the assets are the shared, or common property of all investors. The Company’s Class A shares are generally allotted to the top-level management to provide the proper control of the company. It is considered to be most privileged in terms of its voting rights, conversion rights, ownership rights, dividend rights, and liquidation priorities.

Get to know more about the Company’s Class A Share.


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About the author:

Jyotshana Rani, OpenGrowth Content Team

Jyotsana is very keen to express her views on new topics and wants readers to remember her through her writing. She is passionate about reading and believes that words wield the power of changing the scenario and she uses them to encourage people to the best of her knowledge.

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