Apollo Strategic Growth Capital II announces decision to not complete a business combination

  • Apollo Strategic Growth Capital II will not complete a business combination
  • The company will redeem its shares at a per-share price of about $10.58
  • Last trading day will be on November 27
  • Backed by Apollo Global Management, the company raised $690 million in its IPO
  • Stockholders approved an extension of the SPAC’s merger deadline to February 12, 2024
  • Expected remaining amount in the trust account is about $184.4 million

Apollo Strategic Growth Capital II, a special-purpose acquisition company (SPAC) backed by Apollo Global Management, has announced that it will not be completing a business combination. Instead, the company will redeem its shares at a per-share price of approximately $10.58. The last trading day for the company will be on November 27. This decision comes after stockholders approved an extension of the SPAC’s merger deadline to February 12, 2024. The company had raised $690 million in its initial public offering in February 2021. It is expected that about $184.4 million will remain in the company’s trust account. This news follows the merger of Apollo Strategic Growth Capital with American Express Global Business Travel in May 2022. Another SPAC backed by Apollo Global recently withdrew its IPO filing in November 2022.

Factuality Level: 8
Factuality Justification: The article provides factual information about Apollo Strategic Growth Capital II’s decision not to complete a business combination and redeem its shares. It also includes details about the company’s IPO, extension of the SPAC’s deadline, and the merger with American Express Global Business Travel. The information appears to be accurate and objective, without any obvious bias or misleading information.
Noise Level: 6
Noise Justification: The article provides some relevant information about Apollo Strategic Growth Capital II and its decision to redeem its shares. However, it lacks in-depth analysis, evidence, and actionable insights. It also includes some repetitive information and does not explore the consequences of the decision on stakeholders.
Financial Relevance: Yes
Financial Markets Impacted: The news article pertains to a special-purpose acquisition company (SPAC) backed by Apollo Global Management. It mentions the company’s decision to not complete a business combination and redeem its shares. This decision may impact the company’s shareholders and potentially the broader financial markets.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The news article does not describe any extreme event.
Public Companies: Apollo Strategic Growth Capital II (N/A), Apollo Global Management (N/A), American Express Global Business Travel (N/A)
Key People:

Reported publicly: www.marketwatch.com