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– Approximately 125,000 residential solar systems and residential retrofit projects funded nationwide –
NEW YORK AND CHARLOTTE, North Carolina – (BUSINESS WIRE) –
Sunlight Financial, a leading, technology-based point-of-sale finance company in the process of completing a business combination with Apollo subsidiary Spartan Acquisition Corp. II (NYSE: SPRQ), today announced that more than $ 4 billion in loans have been made through Sunlight’s proprietary technology platform, Orange®.
“We’re proud to have surpassed the $ 4 billion mark in loan grants funded through our proprietary Orange® platform, and excited to help homeowners make the transition to clean energy and save money.” Said Matt Potere, CEO of Sunlight Financial. “Our platform continues to deliver best-in-class credit quality and industry-low default rates to our capital providers, reducing Sunlight’s cost of capital and facilitating the Sunlight process and innovations. of products that help our subcontractors to develop. ”
Sunlight’s integrated end-to-end platform, driven by advanced automated loan underwriting and processing, enables homeowners across the country to make instant credit and instant loans decisions at affordable prices for solar power and home improvement. Through rigorous risk management, Sunlight has achieved exceptional lending performance and low credit losses in the industry for its large and diverse set of capital providers.
More than 15,000 professionals use Sunlight technology to simplify and streamline the sale and installation of residential solar systems and other home improvements. The approximately 125,000 solar systems financed by Orange® will produce enough solar energy to prevent the emission of more than 12.5 million tonnes of carbon dioxide into the atmosphere.
Sunlight partners can download the latest version of Orange® via ios and Android. Potential partners can learn more about Sunlight and apply to partner with Sunlight at https://sunlightfinancial.com/enroll/.
On January 23, 2021, Sunlight entered into a business combination agreement with Spartan Acquisition Corp. II (NYSE: SPRQ). The business combination is expected to close in the second quarter of 2021. Upon closing of the transaction, the combined public company will be named Sunlight Financial Holdings Inc. Sunlight Financial LLC will be the new operating subsidiary of the public holding company and Sunlight’s existing leadership team will continue to lead the business. Sunlight will be listed on NYSE and has reserved the symbol “SUNL” for the use of the Company following the completion of the business combination with Spartan.
About Sunlight Financial
Sunlight Financial is a leading technology-focused point-of-sale finance company. Sunlight is partnering with contractors across the country to provide homeowners with financing for the installation of residential solar systems and other home improvements. Sunlight’s cutting-edge technology and deep credit expertise simplifies and streamlines consumer finance, ensuring a fast and frictionless process for entrepreneurs and homeowners. For more information visit www.sunlightfinancial.com.
The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934. , as amended. All statements, other than statements of present or historical fact included in this press release, regarding the proposed business combination by Spartan of Sunlight, the ability of Spartan to complete the transaction, the benefits of the transaction and the financial performance future of the combined company, as well as the business combination, business strategy, future operations, estimated financial position, estimated income and loss, projected costs, outlook, plans and objectives of management are forward-looking statements. When used in this press release, the words “could”, “should”, “will”, “may”, “believe”, “anticipate”, “intend”, “estimate”, “s ‘expect’, ‘project’, negative of these terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions regarding future events and are based on information currently available regarding the outcome and timing of future events. Except as otherwise provided by applicable law, Spartan and Sunlight disclaim any obligation to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances subsequent to the date of this press release. . Spartan and Sunlight caution you that these forward-looking statements are subject to many risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Spartan or Sunlight. In addition, Spartan and Sunlight caution you that the forward-looking statements contained in this press release are subject to the following factors: (i) the occurrence of any event, change or other circumstance which could delay the business combination or give rise to the termination of related agreements; (ii) the outcome of any legal proceedings which may be brought against Spartan or Sunlight following the announcement of the transactions; (iii) failure to complete the business combination due to failure to obtain approval from Spartan shareholders, or other conditions upon entering into the transaction agreement; (iv) the risk that the proposed business combination will disrupt the current plans and activities of Spartan or Sunlight as a result of the announcement of the transactions; (v) Sunlight’s ability to realize the expected benefits of the business combination, which may be affected, among other things, by competition and Sunlight’s ability to develop and manage its growth profitably following the business combination. companies; (vi) costs associated with business combinations; (vii) changes in applicable laws or regulations; and (viii) the possibility that Sunlight will be adversely affected by other economic, business and / or competitive factors. If one or more of the risks or uncertainties described in this press release, or if the underlying assumptions prove to be incorrect, the actual results and plans could differ materially from those expressed in the forward-looking statements. Additional information regarding these and other factors that may affect the transactions and projections discussed herein can be found in Spartan’s periodic documents with the Securities and Exchange Commission (the “SEC”), including Spartan’s annual report on Form 10-K filed with the SEC March 11, 2021. The documents filed by Spartan with the SEC are available to the public on the SEC’s website at sec.gov.
Important information for investors
In the context of transactions (the “Transactions“) Envisaged by this certain business combination agreement, dated January 23, 2021, by and between Sunlight Financial LLC, a Delaware limited liability company (“Sunlight”), Spartan Acquisition Corp. II, a Delaware corporation (“Spartan“), And their subsidiaries and affiliates that are parties thereto, Spartan has filed a registration statement on Form S-4 (file number 333-254589) (the”Declaration of registration“) With the Securities and Exchange Commission (the”SECONDWhich includes a Proxy Circular / Preliminary Prospectus from Spartan. In addition, Spartan will periodically file other relevant documents with the SEC in connection with the transactions. Once the registration statement has been approved by the SEC, a definitive proxy statement (the “Declaration of power of attorney”) Will be sent to Spartan shareholders. Copies will be available free of charge on the SEC’s website at www.sec.gov. THE SAFETY HOLDERS OF SPARTAN AND SUNLIGHT ARE URGED TO READ (1) THE REGISTRATION STATEMENT, (2) THE PROXY STATEMENT / PROSPECTUS (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS BELOW), (3) OTHER RELATED DOCUMENTS TRANSACTIONS THAT WILL BE SEC-FILED BY SPARTAN, AND (4) ADDITIONAL SUNLIGHT AND SPARTAN PRESS RELEASES FOUND ON THEIR RESPECTIVE WEBSITES, CAREFULLY AND IN FULL WHEN AVAILABLE BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT TRANSACTIONS . The information contained in or accessible through the websites referenced in this press release is not incorporated by reference and does not form part of this press release.
Participants in the solicitation
Spartan and its directors and officers may be considered participants in the solicitation of proxies from the shareholders of Spartan in connection with the proposed business combination. Securityholders may obtain more detailed information about the names, affiliations and interests of certain officers and directors of Spartan in the solicitation by reading the Proxy Circular / Preliminary Prospectus of Spartan in the Registration Statement and Annual Report. of Spartan on Form 10-K for the fiscal year ended. December 31, 2020, filed with the SEC on March 11, 2021 and other relevant documents filed with the SEC in connection with the business combination when available. Information regarding the interests of Spartan participants in the solicitation, which in some cases may differ from those of their shareholders in general, is set out in the Proxy Circular / Preliminary Prospectus relating to the Business Combination.
Garrett Edson, ICR
Doug Donsky / Brian Ruby, ICR
Source: Sunlight Financial