Spartan Acquisition Corp. III Announces Receipt of Notification Letter from NYSE
May 28 2021 - 4:30PM
Spartan Acquisition Corp. III (the “Company”) (NYSE: SPAQ)
announced today that it received a notice from the New York Stock
Exchange (the “NYSE”) indicating that the Company is not in
compliance with Section 802.01E of the NYSE Listed Company Manual
as a result of its failure to timely file its Quarterly Report
on Form 10-Q for the period ended March 31, 2021
(the “Q1 2021 Form 10-Q”) with the U.S. Securities and
Exchange Commission (the “SEC”).
The NYSE informed the Company that, under NYSE
rules, the Company will have six months from May 24, 2021 to
file the Q1 2021 Form 10-Q with the SEC. The Company can
regain compliance with the NYSE listing standards at any time prior
to that date by filing its Q1 2021 Form 10-Q.
As the Company reported in its Form
12b-25 filed with the SEC on May 17, 2021, the Company
reevaluated the accounting treatment of its warrants (the
“Warrants”) following the issuance by the Staff of the SEC (the
“SEC Staff”) of the “Staff Statement on Accounting and Reporting
Considerations for Warrants Issued by Special Purpose Acquisition
Companies (“SPACs”)” (the “SEC Staff Statement”), which provides
guidance for all SPACs regarding the accounting and reporting for
their warrants. The Company concluded that, based on the SEC Staff
Statement, the Warrants should be accounted for as a liability and
measured at fair value, with changes in fair value for each period
reported in the Company’s statement of operations. The Company
continues to work diligently to complete the Q1 2021 Form
10-Q as soon as possible, and the Company anticipates filing
the Q1 2021 Form 10-Q prior to June 4, 2021.About Spartan
Acquisition Corp. IIISpartan 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).
Forward-Looking Statements
This press release may include “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements other than statements of
historical fact included in this press release are forward-looking
statements. When used in this press release, words such as
“anticipate,” “believe,” “estimate,” “expect,” “intend” and similar
expressions, as they relate to us or our management team, identify
forward-looking statements. Such forward-looking statements are
based on the beliefs of management, as well as assumptions made by,
and information currently available to, the Company’s management.
Actual results could differ materially from those contemplated by
the forward-looking statements as a result of certain factors
detailed in the Company’s filings with the SEC. All subsequent
written or oral forward-looking statements attributable to us or
persons acting on our behalf are qualified in their entirety by
this paragraph. Forward-looking statements are subject to numerous
conditions, many of which are beyond the control of the Company,
including those set forth under the section entitled “Risk Factors”
in the Company’s Annual Report on Form 10-K filed with the SEC on
March 30, 2021. The Company undertakes no obligation to update
these statements for revisions or changes after the date of this
release, except as required by law.
Contacts:
For investors please
contact:info@spartanspaciii.com
For media inquiries please
contact:communications@apollo.com
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