Aldel Financial, a blank check company formed by Fortress Investment Group co-founder Robert Kauffman, filed on Tuesday with the SEC to raise up to $200 million in an initial public offering.
The Itasca, IL-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-half of a warrant, exercisable at $11.50. The company may raise an additional $20 million at the closing of an acquisition pursuant to a forward purchase agreement with Aldel Capital. At the proposed deal size, Aldel Financial would command a market value of $255 million.
The company is led by CEO and Chairman Robert Kauffman, the founder of private investment firm Aldel Capital and a former co-founder and Principal of Fortress Investment Group. The company plans to target businesses that are exiting the restructuring process or have transient current ownership, with particular emphasis on those with strong management teams, realigned capital structures, positive cash flows prospects, and a clear and well-defined pathway for growing profitably over the long-term.
Aldel Financial was founded in 2020 and plans to list on the NYSE under the symbol ADF.U. The company filed confidentially on January 19, 2021. ThinkEquity is the sole bookrunner on the deal.
