Fortress Value Acquisition II, the second blank check company formed by executives at Fortress Investment Group, raised $300 million by offering 30 million units at $10, as expected. Units consist of one share of common stock and one-fifth of one warrant, exercisable at $11.50.
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The company is led by CEO Andrew McKnight and Chairman Joshua Pack, both of whom are managing partners at Fortress Investment Group. The company has not identified a target industry or geography.
Fortress' previous SPAC Fortress Value Acquisition (FVAC) last closed up 21% from its April 2020 and recently announced an agreement to acquire US rare earth play MP Materials. It was also involved in 2017 IPO Mosaic Acquisition, which completed its acquisition of Vivint Smart Home (VVNT) in January 2020 and last closed up 74%.
Fortress Value Acquisition II plans to list on the NYSE under the symbol FAII.U. Deutsche Bank, Morgan Stanley and BofA Securities acted as lead managers on the deal.
