Spartan Acquisition Corp. III Announces Launch of Initial Public Offering

Rhea-AI Summary

Spartan Acquisition Corp. III has initiated its IPO, offering 40 million units at $10 each, with an option for underwriters to purchase up to 6 million additional units. Each unit includes one share of Class A common stock and a quarter warrant for future purchase at $11.50. The offering will trade on the NYSE under the ticker 'SPAQ.U.' Managed by Credit Suisse, Citigroup, and Cowen, this IPO aims to focus on the energy sector in North America, particularly aligned with energy transition and sustainability themes. The registration with the SEC is pending effectiveness.

Positive

• IPO aims to raise significant capital with 40 million units offered, potentially bolstering financial resources.
• Focus on energy transition aligns with current market trends, positioning the Company for future growth.
• Strong backing from established investment firms like Apollo Global Management enhances credibility.

Negative

• The IPO is contingent on SEC approval, introducing uncertainty regarding the timeline.
• Market volatility and investor sentiment could impact the success of the offering.

NEW YORK, Feb. 08, 2021 (GLOBE NEWSWIRE) -- Spartan Acquisition Corp. III (the “Company”) announced today that it has commenced its initial public offering (the “IPO”) of 40,000,000 units at a price of $10.00 per unit. The Company intends to grant the underwriters a 45-day option to purchase up to an additional 6,000,000 units. Each unit issued in the IPO will consist of one share of the Company’s Class A common stock and one-fourth of one redeemable warrant, with each 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 be listed on the New York Stock Exchange (the “NYSE”) and trade under the ticker symbol “SPAQ.U.” Once the securities comprising 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 “SPAQ” and “SPAQ.WS,” respectively.

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

The public offering will only be made by means of a prospectus. Copies of the preliminary prospectus relating to the offering and final prospectus, when available, may be obtained from Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, or by telephone at (800) 221-1037 or email at usa.prospectus@credit-suisse.com; Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by telephone at (800) 831-9146; or Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Attn: Prospectus Department, by email at PostSaleManualRequests@broadridge.com or by telephone at (833) 297-2926.

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission (the “SEC”), but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Spartan Acquisition Corp. III

Spartan Acquisition Corp. III was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. The Company intends to focus its search for a target business in the energy value chain in North America, with a particular focus on opportunities aligned with energy transition and sustainability themes. The Company is sponsored by Spartan Acquisition Sponsor III LLC, which is owned by a private investment fund managed by an affiliate of Apollo Global Management, Inc. (NYSE: APO).

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed IPO. No assurance can be given that the offering discussed above will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company’s offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contacts:

For investors please contact:
info@spartanspaciii.com

For media inquiries please contact:
communications@apollo.com

FAQ

What is Spartan Acquisition Corp. III's IPO plan?

Spartan Acquisition Corp. III plans to offer 40 million units at $10 each, with an option for underwriters to purchase 6 million additional units.

What will each unit in the Spartan IPO consist of?

Each unit will consist of one share of Class A common stock and one-fourth of a redeemable warrant.

When will Spartan Acquisition Corp. III's units start trading?

Units are expected to be listed on the NYSE under the ticker symbol 'SPAQ.U' once the IPO is effective.

What is the focus of Spartan Acquisition Corp. III's business?

The company intends to target opportunities in the energy value chain in North America, focusing on energy transition and sustainability.

Who are the underwriters for Spartan Acquisition Corp. III's IPO?

Credit Suisse, Citigroup, and Cowen are acting as book-running managers for the IPO.