Spartan Energy Acquisition Corp. (SPAQ) Prices 40M Unit IPO at $10/Unit

August 9, 2018 5:15 PM EDT

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Spartan Energy Acquisition Corp. (NYSE: SPAQ), led by Chairman Gregory Beard and Chief Executive Officer Geoffrey Strong, today announced the pricing of its initial public offering (“IPO”) of 40,000,000 units at a price of $10.00 per unit. The units will be listed on the New York Stock Exchange (“NYSE”) and trade under the ticker symbol “SPAQ.U” beginning August 10, 2018. Each unit consists of one share of the Company’s Class A common stock and one-third of one warrant, with each whole warrant enabling the holder thereof to purchase one whole share of Class A common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, which is expected to be on the 52nd day after following the date hereof, the Class A common stock and warrants are expected to be listed on the NYSE under the symbols “SPAQ” and “SPAQ WS,” respectively. The IPO is expected to close on August 14, 2018.

The Company intends to use the net proceeds from the IPO, and a simultaneous private placement of warrants, to consummate the Company’s initial business combination.

Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC are acting as joint book-running managers and Jefferies LLC, RBC Capital Markets, LLC and Tudor, Pickering, Holt & Co. Securities, Inc. are acting as co-managers for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 6,000,000 units at the initial public offering price to cover over-allotments, if any.

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