Fortress Capital Acquisition, a blank check company formed by Fortress targeting financial services, raised $350 million by offering 35 million units at $10. The company offered 5 million more units than anticipated. 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 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; +9% from $10 offer price), which raised $200 million earlier this month; Fortress Value Acquisition II (FAII.U; +12%), which raised $300 million in August 2020; and Fortress Value Acquisition I, which went public in April 2020 and completed its business combination with MP Materials (MP; +245%) 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 plans to list on the NYSE under the symbol FCAX.U. Citi and Goldman Sachs acted as lead managers on the deal.
