Aldel Financial II, the second blank check company formed by Fortress Investment Group co-founder Robert Kauffman, raised $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
The company is led by CEO and Chairman Robert Kauffman, who previously co-founded Fortress Investment Group, and CFO Hassan Baqar, founder and managing member of Sequoia Financial. Management intends to focus on its sectors of expertise, including financial services, real estate, and asset-based finance. The team previously ran Aldel Financial, which merged with auto insurance provider Hagerty (HGTY; +5% from $10 offer price) in 2021.
Aldel Financial II plans to list on the Nasdaq under the symbol ALDFU. BTIG acted as sole bookrunner on the deal.
