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Magnetar Capital's second SPAC Star Peak Corp. II files for a $350 million IPO

December 21, 2020

Star Peak Corp. II, the second blank check company formed by Magnetar Capital targeting the sustainability sector, filed on Friday with the SEC to raise up to $350 million in an initial public offering.

The Evanston, IL-based company plans to raise $350 million by offering 35 million units at $10. Each unit will consist of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the proposed deal size, Star Peak Corp. II will command a market value of $438 million.

The company is led by CEO Eric Scheyer, a Partner at Magnetar Capital and Head of the Magnetar Energy & Infrastructure Group; Chairman Michael Morgan, the co-founder and CEO of asset management firm Triangle Peak Partners; and CFO and CAO Michael Wilds, who has served as COO of Magnetar Energy & Infrastructure Group since 2006.

Management's previous SPAC, Star Peak Energy Transition (STPK.U; +84% from $10 offer price), raised $350 million in August of this year and is reportedly in talks to merge with AI-driven storage provider Stem. Star Peak Corp. II intends to focus primarily on identifying businesses seeking to be a market leader in, and/or benefit from the increasing global initiatives to improve sustainability and/or reduce global emissions.

Star Peak Corp. II was founded in 2020 and plans to list on the NYSE under the symbol STPC.U. The company filed confidentially on November 3, 2020. Credit Suisse and Goldman Sachs are the joint bookrunners on the deal.