Fortress Value Acquisition (FVAC.U), a blank check company formed by executives at Fortress Investment Group, amended the terms of its upcoming IPO to be more favorable to new investors.
The New York, NY-based company plans to raise $300 million at a $375 million market cap. It originally filed to offer units that contain a quarter of a warrant, but now intends to offer units that contain a third of a warrant (still exercisable at $11.50).
Fortress joins CC Neuberger Principal I (PCPL.U), Social Capital Hedosophia II (IPOB.U), and Social Capital Hedosophia III (IPOC.U) as more SPACs that had previously planned to offer quarter warrants are revising their terms to be more favorable to investors.
The company is led by CEO Andrew McKnight and Chairman Joshua Pack, both of whom are managing partners at Fortress. Fortress' previous SPAC, Mosaic Acquisition, completed its acquisition of Vivint Smart Home (VVNT) in January 2020; the volatile stock closed Thursday down 2% from IPO after it was up nearly 180% last month.
The New York, NY-based company was founded in 2020 and plans to list on the NYSE under the symbol FVAC.U. Deutsche Bank, Morgan Stanley, and RBC Capital Markets are the joint bookrunners on the deal.
