Fortress Value Acquisition III, the third blank check company formed by executives at Fortress Investment Group, filed on Friday with the SEC to raise up to $200 million in an initial public offering.
The New York, NY-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. At the proposed deal size, Fortress Value Acquisition III would command a market value of $250 million.
The company is led by CEO and Director 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 SPACs include Fortress Value Acquisition II (FAII.U; +2% from $10 offer price), which went public this past August, and Fortress Value Acquisition, which went public this past April and completed its acquisition of US rare earth play MP Materials (MP; +68%) earlier this week. It was also involved in 2017 IPO Mosaic Acquisition, which completed its acquisition of Vivint Smart Home (VVNT; +110%) in January.
Fortress Value Acquisition III was founded in 2020 and plans to list on the NYSE under the symbol FVT.U. Deutsche Bank is the sole bookrunner on the deal.
