Fortress Capital Acquisition, a blank check company formed by Fortress targeting financial services, filed on Wednesday with the SEC to raise up to $300 million in an initial public offering.
The New York, NY-based company plans to raise $300 million by offering 30 million units at $10. Each unit will consist of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the proposed deal size, Fortress Capital Acquisition will command a market value of $375 million.
The company is led by CEO and Chairman Michael Nierenberg, who is a Managing Director in the Private Equity Group at Fortress and serves as CEO and Chairman of New Residential Investment (NYSE: NRZ), and CFO Daniel Bass, who has served as CFO at Fortress since 2003.
Fortress' other SPACs include Fortress Value Acquisition III (FVT.U), which filed in November to raise $200 million; Fortress Value Acquisition II (FAII.U; +12% from $10 offer price), which raised $300 million in August; and Fortress Value Acquisition I, which completed its business combination with MP Materials (MP; +260%) in November. Fortress Capital Acquisition intends to concentrate on businesses in the financial services sector including, but not limited to, services and technology businesses that provide support to the financial services sector.
Fortress Capital Acquisition was founded in 2020 and plans to list on the NYSE under the symbol FCAX.U. Citi and Goldman Sachs are the joint bookrunners on the deal.
