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On July 12, 2021, Sunlight Financial completed its business combination with Spartan Acquisition Corp. II, now trading as SUNL on the NYSE. This merger enables Sunlight, a point-of-sale financing company, to enhance its operations in the solar energy market. Sunlight has expanded dramatically from one channel partner to over 1,000 and has financed over $4 billion through loans for solar systems and home improvements. Tiger Infrastructure, Sunlight's largest investor, believes the transaction will bolster growth and enhance cash flows.
Sunlight Financial announced the successful closing of its business combination with Spartan Acquisition Corp. II (NYSE: SPRQ), now operating as Sunlight Financial Holdings Inc., effective July 12, 2021. This strategic move aims to enhance Sunlight's position in technology-enabled point-of-sale financing for solar and home improvement sectors. The transaction was backed by a mix of Spartan's cash-in-trust and $250 million from accredited investors. The CEO highlighted the company's commitment to expanding its role in clean energy financing.
Spartan Acquisition Corp. II (NYSE: SPRQ) has successfully conducted a special meeting where 97% of its stockholders approved the business combination with Sunlight Financial, a leading point-of-sale financing company. The transaction is anticipated to close on July 9, 2021, with the newly formed entity to be renamed Sunlight Financial Holdings Inc. Trading under ticker symbols "SUNL" and "SUNLW" on the NYSE will commence on July 12, 2021. This merger underscores Spartan's strategy to enhance its portfolio within the energy sector.
Spartan Acquisition Corp. II (NYSE: SPRQ) announced the anticipated closing of its business combination with Sunlight Financial, a technology-enabled point-of-sale financing company, on July 9, 2021. A majority of stockholders support key proposals, and trading under the new name, Sunlight Financial Holdings Inc., is expected to begin on July 12, 2021. The special meeting for stockholders is set for July 8, 2021. This strategic move aims to enhance Sunlight's position in residential solar financing, leveraging its advanced technology and partnerships with contractors nationwide.
Spartan Acquisition Corp. II (NYSE: SPRQ) announced that the SEC has declared effective its Form S-4 registration statement for the business combination with Sunlight Financial LLC. A virtual Special Meeting for stockholders will occur on July 8, 2021, to vote on the merger. The deadline for stockholders to exercise redemption rights is July 6, 2021. If approved, the business combination is expected to close shortly thereafter and will result in the creation of Sunlight Financial Holdings Inc., with Sunlight as the sole operating subsidiary.
Spartan Acquisition Corp. II (NYSE: SPRQ) has received SEC approval for its registration statement concerning its business combination with Sunlight Financial LLC. The definitive proxy statement/prospectus will be mailed to stockholders for a virtual Special Meeting on July 8, 2021. Shareholders of record as of June 1, 2021, can vote to approve the transaction. If approved, the business combination is expected to close shortly thereafter. Upon completion, the combined entity will be named Sunlight Financial Holdings Inc., with anticipated listing on NYSE under the ticker 'SUNL'.
Sunlight Financial announces CEO Matt Potere and CFO Barry Edinburg will speak at two investor conferences this week. The first is a fireside chat at the Cowen Sustainability & Energy Transition Summit on June 8, 2021, at 3:10 PM ET. The second event is at the Piper Sandler Global Exchange & FinTech Conference on June 10, 2021, at 3:30 PM ET. Live webcasts will be available on Sunlight's website. Notably, Sunlight has a business combination agreement with Spartan Acquisition Corp. II (NYSE: SPRQ), expected to finalize in Q2/Q3 2021.
Sunlight Financial has reported strong first quarter 2021 results, revealing a total funded loan volume of $581.1 million, marking a 133% increase year-over-year. Total revenue reached $24.8 million, a 90% boost from Q1 2020, while Adjusted EBITDA surged to $11.5 million, up 403%. The company anticipates 2021 growth of 81% in funded loan volume, 77% in revenue, and 151% in Adjusted EBITDA. The business combination with Spartan Acquisition Corp. II is expected to close in late Q2 or early Q3 2021, paving the way for future expansion.
Sunlight Financial announces participation in a virtual fireside chat at the Bank of America Securities Clean Energy Conference on May 27, 2021, featuring CEO Matt Potere and CFO Barry Edinburg at 3:15 PM ET. The event will be webcast live and available for replay for 90 days. Additionally, Sunlight has a business combination agreement with Spartan Acquisition Corp. II (NYSE: SPRQ), anticipated to close in Q2 2021, leading to the creation of Sunlight Financial Holdings Inc. as a public entity.
Sunlight Financial has confirmed that its CEO, Matt Potere, and CFO, Barry Edinburg, will participate in a virtual fireside chat at the Bank of America Securities Clean Energy Conference on May 27, 2021, at 3:15 PM ET. This event will be streamed live on Sunlight's website, with a recording available for 90 days post-event. Sunlight is set to complete its business combination with Spartan Acquisition Corp. II (NYSE: SPRQ) in Q2 2021, resulting in a new public entity named Sunlight Financial Holdings Inc., with its existing management continuing in leadership roles.
