Sunlight Financial LLC to List on NYSE Through Merger With SPRQ

Sunlight Financial LLC, a Premier Residential Solar Financing Platform, to List on NYSE Through Merger With Apollo-Affiliated Spartan Acquisition Corp. II

Sunlight and Apollo-Affiliated Spartan Acquisition Corp. II (NYSE: SPRQ) Enter Into Business Combination Agreement

Institutional Investors Led By Chamath Palihapitiya, Coatue, Funds and Accounts Managed by BlackRock, Franklin Templeton and Neuberger Berman Commit to Invest $250 Million at Closing in Common Stock PIPE at $10.00 per Share

Pro Forma Implied Equity Value of the Combined Company is Approximately $1.3 Billion

Sunlight has arranged financing for more than an estimated 100,000 residential solar systems, which will produce over 500 megawatts of solar-generated electricity and avoid more than 10 million metric tons of carbon dioxide emissions.

Leading POS platform through which over $3.5 billion of loans have been originated in the rapidly growing residential solar market

Upon the closing of the transaction, existing Sunlight equityholders are expected to own approximately 50% of the combined company, Spartan stockholders are expected to own approximately 26%, and PIPE participants are expected to own approximately 19%.

The transaction is expected to close in the second quarter of 2021.


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