Apollo Strategic Growth Capital II (APGB)

Apollo Strategic Growth Capital II was a blank check company sponsored by an affiliate of Apollo Global Management. It was formed to merge with a private operating company and bring it to the public markets. Its units, Class A ordinary shares and warrants traded on the New York Stock Exchange, with the shares under the symbol APGB. The proceeds of its offering were held in a trust account pending a deal.

The SPAC went public in early 2021, during a period of record SPAC issuance. Its predecessor, Apollo Strategic Growth Capital, had merged with American Express Global Business Travel. The second vehicle searched for a target for more than two years but did not announce a completed transaction. Shareholders approved an extension of its deadline, and many redeemed their shares in connection with that vote.

In November 2023 the company announced that it would redeem all of its public shares because it would not complete a business combination in time. About $189.4 million remained in the trust for roughly 17.9 million public shares, or approximately $10.58 per share. The last day of trading on the NYSE was November 27, 2023, and the redemption took effect on November 28, 2023.

After the redemption the NYSE moved to delist the securities, and the company planned to deregister under the Securities Exchange Act. The warrants expired worthless. The sponsor, Apollo Global Management, remains a publicly traded alternative asset manager.