Spartan II (NYSE:SPRQ) shareholders have approved the company’s combination with residential solar financier Sunlight Financial at a special meeting earlier today.

The initial press release did not disclose redemption figures, and Spartan II was in the danger zone with its shares trading at or below $10 nearly without pause since April. However, 97% of shares participating in the meeting voted to approve the transaction and the deal is expected to close June 9.

Sunlight Financial shares and warrants are then expected to trade on the NYSE under the symbols “SUNL” and “SUNLW” beginning June 12.

The parties initially announced their $1.3 billion combination on January 25. Sunlight provides residential solar contractors point-of-sale financing capabilities and has processed about $3.5 billion in loans through its platform to date.

The deal’s lackluster post-announcement performance is a bit of a surprise even with the current down market considering Sunlight sits at the confluence of two of the best-performing SPAC sectors in fintech and renewable energy. Interest rates, and Sunlight’s relatively high price tag at 10.7x 2021E revenue may have been factors however.

ADVISORS

• Citi acted as exclusive financial advisor to Sunlight.
• Credit Suisse, Citi and Cowen acted as PIPE placement agents to Spartan.
• Hunton Andrews Kurth LLP acted as the legal advisor to Sunlight.
• Vinson & Elkins L.L.P. acted as the legal advisor to Spartan.
• Latham & Watkins LLP acted as the legal advisor to the placement agents.
• Gibson Dunn & Crutcher LLP advised a transaction committee of the Board of Directors of Spartan.