SPRQ - Chamath Palihapitiya Just Made a New Fintech Investment and It's Soaring on Monday
The boom in special purpose acquisition companies (SPACs) continues. Apollo-backed blank-check company Spartan Acquisition Corp. II (NYSE: SPRQ) just announced that it plans to acquire solar financing company Sunlight Financial, thereby taking the business public.
The deal will also be backed by $250 million in extra funding led by none other than notable SPAC investor Chamath Palihapitiya, who has taken companies including Virgin Galactic and Opendoor Technologies public through his own SPACs and has led the funding for several others.
Not surprisingly, shares are up on this news. As of 10:10 a.m. EST, shares of Spartan Acquisition II were higher by more than 33%.
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Chamath Palihapitiya Just Made a New Fintech Investment, and It's Soaring on Monday