Fortress Value Acquisition III, the third blank check company formed by executives at Fortress Investment Group, raised $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.
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; +12% 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; +191%) in November. It was also involved in 2017 IPO Mosaic Acquisition, which completed its acquisition of Vivint Smart Home (VVNT; +100%) last January.
Fortress Value Acquisition III plans to list on the NYSE under the symbol FVT.U. Deutsche Bank and BofA Securities acted as lead managers on the deal.
