Sunlight Financial SPAC Merger: 12 Things to Know About the Solar Play as SPRQ Stock Soars

Sunlight Financial is preparing to go public via a special purpose acquisition company (SPAC) merger with Spartan Acquisition II (NYSE:SPRQ) and shares of SPRQ stock are soaring.

An orange slanted roof covered in solar panels.

Source: Shutterstock

Here’s everything investors need to know about Sunlight Financial ahead of the SPAC merger.

  • Sunlight Financial is a company that offers financing to residential customers looking to install solar panels.
  • It has issued more than $3.5 billion in loans in the residential solar market.
  • The company also works with more than 800 solar and home improvement contractors.
  • Spartan Acquisition II is a blank-check company sponsored by funds managed by an affiliate of Apollo Global Management (NYSE:APO).
  • The SPAC merger between these two will result in a combined company with an estimated implied pro forma equity value of $1.3 billion.
  • Prior to the closing of the deal, a collection of investors have committed to a $250 million private investment in public equity (PIPE).
  • These investors are led by Chamath Palihapitiya, Coatue, with funds managed by BlackRock (NYSE:BLK), Franklin Templeton (NYSE:BEN) and accounts advised by Neuberger Berman Investment Advisers.
  • This will have current Sunlight Finacial shareholders owning 50% after the merger is complete.
  • Shareholders of SPRQ stock will hold a 26% stake in the company and 19% will belong to PIPE investors.
  • The Boards of Directors for both companies have approved the SPAC merger.
  • Now it just needs approval from SPRQ stockholders and regulators.
  • So long as there’s no trouble there, the deal will close in the second quarter of 2021.

SPRQ stock was up 29.6% as of Monday morning.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.


Article printed from InvestorPlace Media, https://investorplace.com/2021/01/sunlight-financial-spac-merger-12-things-to-know-about-the-solar-play-as-sprq-stock-soars/.

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