NEW YORK, Feb. 08, 2021 (GLOBE NEWSWIRE) -- Spartan Acquisition Corp. III announced today that it has commenced its initial public offering 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.
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).
