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  "documentTitle": "Sunlight Financial | SPAC Presentation Deck | 40 slides",
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  "authorName": "Sunlight Financial",
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  "presentationDate": "2021-01-01 00:00:00",
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  "notes": "This is a standard SPAC transaction summary slide.",
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      "kind": "paragraph",
      "text": "Spartan has identified Sunlight as a premier financing platform in the Residential Solar industry.",
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      "text": "(1) Transaction is expected to utilize Up-C Structure and include a tax receivable agreement. (2) See “Adjusted EBITDA Bridge” on page 29 and description of “Adjusted EBITDA” on page 40 for details. (3) Sunlight has a revolving credit facility in place with 2020E outstanding balance of $15mm. (4) Represents 2020E unrestricted cash plus $50mm of primary proceeds. 2020E pro forma net debt of ($82mm).",
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      "text": "The Business: Premier tech-enabled Residential Solar point-of-sale financing platform. Overview: Spartan Acquisition Corp. II (NYSE: SPRQ.U) is a publicly-listed special purpose acquisition company with $345mm in cash. Anticipated $250mm PIPE is being raised in conjunction with the transaction. Valuation: Pro forma firm value of $1,267mm, which equates to 21.0x 2021E Adjusted EBITDA of $60.2mm and 15.5x 2022E Adjusted EBITDA of $81.6mm. Expected Capital Structure: No funded debt, $96mm of pro forma cash held on the balance sheet, including $50mm from contemplated primary capital. Expected Post-Combination Ownership: ~50% existing shareholders; ~32% SPAC IPO and founder shares; ~19% PIPE investors",
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      "text": "Proposed Transaction Overview",
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