Arena Fortify Acquisition, a blank check company formed by Arena Investors targeting post-restructured or restructuring businesses, lowered the proposed deal size for its upcoming IPO on Tuesday.
The New York, NY-based company now plans to raise $150 million by offering 15 million units at $10. The company had previously filed to offer 20 million units at the same price. Each unit now consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Each unit previously contained one-third of a warrant. At the revised deal size, Arena Fortify Acquisition will raise -25% less in proceeds than previously anticipated.
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.
