Spartan Acquisition II said that its S-4 registration statement outlining terms of the proposed business combination with Sunlight Financial has been declared effective by the SEC.
The SPAC’s stockholders are scheduled to vote on the deal July 8.
Announced in January, the business combination reflects an estimated implied pro forma equity value at closing of $1.3 billion. 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, if approved.
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. Read more.
