Apollo-Backed Blank-Check Company Won't Complete a Combination

By Josh Beckerman

Special-purpose acquisition company Apollo Strategic Growth Capital II said it won’t complete a business combination and will redeem its shares.

The company expects the per-share redemption price for public shares will be about $10.58. Its last trading day will be Nov. 27.

The company, which is backed by Apollo Global Management, raised $690 million in its February 2021 initial public offering, including the full exercise of the overallotment option.

In May, stockholders approved an extension of the SPAC’s deadline to complete a merger to Feb. 12, 2024, or an earlier date determined by the board. The company said in a May securities filing that it expected about $184.4 million would remain in its trust account, compared with about $708 million at April 4, due to redemptions.

In May 2022, the blank-check company Apollo Strategic Growth Capital merged with American Express Global Business Travel. Another SPAC backed by Apollo Global withdrew its IPO filing in November 2022.

Write to Josh Beckerman at [email protected]

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