Fortress Investment Group SPAC Fortress Value files for a $300 million IPO
Fortress Value Acquisition, a blank check company formed by executives at Fortress Investment Group, filed on Friday with the SEC to raise up to $300 million in an initial public offering.
The New York, NY-based company plans to raise $300 million by offering 30 million units at a price of $10. Each unit consists of one share of common stock and one quarter of a redeemable warrant, exercisable at $11.50. At the proposed deal size, Fortress Value Acquisition would command a market value of $375 million.
The SPAC is sponsored by Fortress Acquisition Sponsor, a Fortress vehicle, and led by CEO Andrew McKnight and Chairman Joshua Pack, both of whom are managing partners at Fortress. Fortress' previous SPAC, Mosaic Acquisition, recently completed its acquisition of Vivint Smart Home (VVNT) on and closed Friday up 165%.
The New York, NY-based company was founded in 2020 and plans to list on the NYSE under the symbol FVAC.U. Fortress Value Acquisition filed confidentially on February 6, 2020. Deutsche Bank, Morgan Stanley and RBC Capital Markets are the joint bookrunners on the deal.
The article Fortress Investment Group SPAC Fortress Value files for a $300 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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