Arena Fortify Acquisition, a blank check company formed by Arena Investors targeting post-restructured or restructuring businesses, filed on Friday with the SEC to raise up to $200 million in an initial public offering.
The New York, NY-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-third of a warrant, exercisable at $11.50. At the proposed deal size, Arena Fortify Acquisition would command a market value of $250 million.
The company is led by CEO and Director Daniel Zwirn, the CEO and CIO of investment firm Arena Investors. The company plans to target businesses that have either recently emerged from bankruptcy court protection or will require incremental capital as part of a balance sheet restructuring within the broad natural resources industry, focusing on those with aggregate enterprise values between $750 million and $2 billion.
Arena Fortify Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol AFACU. Cowen and Intrepid Partners are the joint bookrunners on the deal.
