NEW YORK, Feb. 11, 2021 (GLOBE NEWSWIRE) -- Spartan Acquisition Corp. III announced today the closing of its initial public offering of 55,200,000 units at a price of $10.00 per unit. This includes the exercise in full by the underwriters of their option to purchase up to an additional 7,200,000 units. The units are listed on the New York Stock Exchange and trade under the ticker symbol “SPAQ.U”. Each unit consists 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. Once the securities comprising the units begin separate trading, which is expected to be on the 52nd day following the date of the final prospectus related to the offering, 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 offering. TD Securities, MUFG and Siebert Williams Shank are acting as co-managers for the offering.
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).
