Spartan Acquisition IV in a letter to the SEC said it would abandon a planned offering of 30 million units.
The SPAC initially registered for a $400 million IPO, later downsizing the planned offering in July 2021 to $300 million.
The sponsor is an affiliate of private investment firm Apollo.
SPACs notifying the SEC of plans to withdraw an IPO typically ask that filing fees paid to the regulator be credited for future use. Spartan IV in its letter made no such request.
Spartan IV had planned to 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.
Management’s Spartan Acquisition III completed a merger in March with Allego Holding, a pan-European electric vehicle charging network
The SPAC had planned to list on gthe Nasdaq with Goldman Sachs, Citigroup, Credit Suisse, J.P. Morgan, Barclays and RBC Capital Markets serving as book-running managers. Siebert Williams Shank was tapped as co-manager. Read more.
