Arena Fortify Acquisition ^{Priced, Nasdaq: AFACU}

We are a newly organized blank check company. While we may pursue an initial business combination target in any business, industry or geographic location, and are not limited to any particular business, industry or geographic location, we intend to focus on acquisition candidates 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. In particular, we believe that many post-restructured private companies suffer from a valuation discount due to their opaqueness, complexity, short term ownership base and overall lack of liquidity. We believe that our in-depth understanding of restructurings and post-restructuring company analysis, coupled with our management’s team’s extensive industry experience, as well as the more liquid publicly traded vehicle the Company offers in an initial business combination, could result in significant value creation for our stockholders. Creating value for our stockholders is the ultimate goal of this business strategy. We intend to focus our search efforts on targets with an aggregate enterprise value of $750.0 million to $2.0 billion, though we may find a target that lies outside that range.