Spartan Acquisition II announced its shareholders on July 8 approved the proposed merger with Sunlight Financial, a deal that values the combined companies at $1.3B.
The SPAC did not disclose redemptions, if any, noting only that the merger was supported by 97% of the shares voted. The SPAC said it would file an 8-K outlining voting results, but had not done so as of late Friday morning July 9. Spartan II has been trading below $10 since June 14.
Investors led by Chamath Palihapitiya, Coatue, funds and accounts managed by BlackRock, Franklin Templeton and accounts advised by Neuberger Berman Investment Advisers have committed to invest $250 million in a private purchase of Spartan’s Class A Common Stock at $10 per share immediately prior to the closing.
Spartan II raised $345 million in December, including an IPO and $9.9 million in PIPE warrants.
Sunlight is a U.S. residential solar-power financing platform.
The Business Combination is expected to close today. Following the close, the combined company will be renamed Sunlight Financial Holdings. Common stock and warrants are expected to begin trading July 12 on the NYSE under SUNL and SUNLW, respectively. Read more.
