Fortress Value Acquisition IV, the fifth blank check company formed by executives at Fortress Investment Group, raised $600 million by offering 60 million units at $10. Each unit consists of one share of common stock and one-eighth of a warrant, exercisable at $11.50.
The company is led by Chairman Andrew McKnight and CEO and Director Joshua Pack, both of whom are managing partners at Fortress Investment Group.
Fortress' previous SPACs include Fortress Value Acquisition III (FVT.U; +10% from $10 offer price) and Fortress Capital Acquisition (FCAX.U; +10%), both of which went public this past January; Fortress Value Acquisition II (FAII.U; +0%), which went public in August 2020 and has a pending merger agreement with ATI Physical Therapy; and Fortress Value Acquisition, which went public in April 2020 and completed its acquisition of US rare earth play MP Materials (MP; +360%) in November. Fortress was also involved in 2017 IPO Mosaic Acquisition, which completed its acquisition of Vivint Smart Home (VVNT; +57%) in January 2020.
Fortress Value Acquisition IV plans to list on the NYSE under the symbol FVIV.U. Deutsche Bank, BofA Securities and PJT Partners acted as lead managers on the deal.
