Fortress Value Acquisition, a blank check company formed by executives at Fortress Investment Group, raised $300 million by offering 30 million units at $10. Each unit contains one share of common stock and one-third of a warrant exercisable at $11.50. The company had originally filed to offer units containing a quarter of a warrant but revised its terms last week.
The SPAC 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 Wednesday up 9% from IPO and is one of many recent high profile SPAC acquisitions.
Fortress Value Acquisition plans to list on the NYSE under the symbol FVAC.U. Deutsche Bank, Morgan Stanley and RBC Capital Markets acted as lead managers on the deal.
