Spartan Acquisition IV in an amended S-1 cut its pending IPO to 30 million units at $10 each, down from the 40 million units initially registered in March.. A unit consists of one Class A ordinary share and one-fifth of one redeemable warrant; whole warrants exercisable at $11.50.
The sponsor is an affiliate of private investment firm Apollo.
Spartan IV will target opportunities in the energy value chain aligned with energy transition, storage and sustainability.
The SPAC is led by CEO and Chairman Geoffrey Strong, who is an Apollo senior partner and co-head of the firm’s Infrastructure and Natural Resources group.
His last SPAC, Spartan III, raised $480 million in an IPO last month. Spartan II is in a pending merger with Sunlight Financial, a U.S. residential solar financing platform.
Goldman Sachs, Citigroup, Credit Suisse, J.P. Morgan, Barclays and RBC Capital Markets are book-running managers of the offering. Siebert Williams Shank is co-manager.
The underwriters have a 30-day option to purchase up to an additional 4.5 million units.
The SPAC intends to apply for a Nasdaq listing under SRTN.U. Read more.
