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Magnetar Capital's second SPAC Star Peak Corp. II prices $350 million IPO at $10

January 6, 2021

Star Peak Corp. II, the second blank check company formed by Magnetar Capital targeting the sustainability sector, raised $350 million by offering 35 million units at $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50.

The company is led by CEO and Director 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. Magnetar founder Alec Litowitz serves as a Director.

Management's previous SPAC, Star Peak Energy Transition (STPK; +79% from $10 offer price), went public in August 2020 and recently announced a merger agreement with clean energy storage company 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 plans to list on the NYSE under the symbol STPC.U. Credit Suisse and Goldman Sachs acted as lead managers on the deal.