Form 4: Global Partner Acquisition Corp II: Major Share Transaction by Global Partner Sponsor II LLC

Global Partner Sponsor II LLC reports the acquisition of 7,400,000 Class A ordinary shares and Class B ordinary shares in Global Partner Acquisition Corp II on April 5, 2024.

Summary

• On April 5, 2024, Global Partner Sponsor II LLC acquired 7,400,000 Class A ordinary shares of Global Partner Acquisition Corp II.
• The same day, Global Partner Sponsor II LLC also acquired 7,400,000 Class B ordinary shares.
• These transactions are reported on a Form 4 filing with the SEC.
• The Class B ordinary shares will automatically convert into Class A ordinary shares upon the consummation of the Issuer's initial business combination.
• Chandra R. Patel, Richard C. Davis, and Jarett Goldman are the managers of Global Partner Sponsor II LLC, and no single manager has voting or dispositive control over the securities.

Sentiment

Score: 7

Explanation: The document reflects a standard transaction within a SPAC structure. The sentiment is neutral as it's a procedural filing, but the acquisition of shares by the sponsor is generally a positive sign of commitment.

Future Outlook

The Class B ordinary shares will automatically convert into Class A ordinary shares upon the consummation of the Issuer's initial business combination.

Management Comments

• Each such person disclaims any such beneficial ownership of the reported securities, except to the extent of their pecuniary interest therein, because voting and dispositive decisions requires the approval of a majority of the managers, and this report shall not be deemed an admission by any of the foregoing of beneficial ownership of such securities for purposes of Section 16 or for any other purpose.

Industry Context

This filing is typical for SPACs (Special Purpose Acquisition Companies) where sponsor entities receive shares as part of the initial capitalization.

Comparison to Industry Standards

• SPAC sponsor ownership structures are common, with shares often converting upon completion of a business combination, similar to structures used by other SPACs such as Churchill Capital Corp and Pershing Square Tontine Holdings.
• The conversion of Class B shares to Class A shares upon a business combination is a standard feature in SPAC agreements, aligning with industry norms observed in companies like Social Capital Hedosophia.

Stakeholder Impact

• The acquisition of shares by the sponsor could be viewed positively by shareholders as it demonstrates the sponsor's commitment to the company's success.

Key Dates