Rithm Acquisition, a blank check company formed by Rithm Capital targeting financial services and real estate, raised $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.
Rithm Acquisition is led by CEO and Chairman Michael Nierenberg and CFO Varun Wadhawan, who currently serve as CEO and Managing Director of global asset manager Rithm Capital (NYSE: RITM), respectively. Formerly known as New Residential Investment, Rithm was formed as a permanent capital vehicle structured as a REIT within the ecosystem of its former external manager, an affiliate of Fortress Investment Group.
In line with Rithm's areas of focus, the SPAC plans to target the financial services and real estate sectors. It also expects to evaluate opportunities relating to digital infrastructure, including opportunities at the convergence of infrastructure and technology.
Rithm Acquisition plans to list on the NYSE under the symbol RAC.U. Citi, BTIG, and UBS Investment Bank acted as joint bookrunners on the deal.
