Spartan Acquisition IV, a blank check company formed by Apollo Global Management targeting the energy transition space, lowered the proposed deal size for its upcoming IPO on Monday.
The New York, NY-based company now plans to raise $300 million by offering 30 million units at $10. The company had previously filed to offer 40 million units at the same price. Each unit still consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. At the revised deal size, Spartan Acquisition IV will raise -25% less in proceeds than previously anticipated.
The company is led by CEO and Chairman Geoffrey Strong, who is a Senior Partner and Co-Head of the Infrastructure and Natural Resources group at Apollo. The company plans to target businesses in the energy value chain in North America, focusing on opportunities aligned with energy transition and sustainability themes. Specifically, it intends to focus on the renewable energy, energy storage, mobility, advanced fuels, and carbon mitigation sectors.
Spartan Acquisition IV was founded in 2021 and plans to list on the Nasdaq under the symbol SRTN.U. Goldman Sachs, Citi, Credit Suisse, J.P. Morgan, Barclays, and RBC Capital Markets are the joint bookrunners on the deal.
