Fortress Value Acquisition III, the third blank check company formed by executives at Fortress Investment Group, raised $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50.
The company is led by CEO and Director Andrew McKnight and Chairman Joshua Pack, both of whom are managing partners at Fortress Investment Group. The company has not identified a target industry or geography.
Fortress' previous SPACs include Fortress Value Acquisition II (FAII.U; +12% from $10 offer price), which went public this past August, and Fortress Value Acquisition, which went public this past April and completed its acquisition of US rare earth play MP Materials (MP; +191%) in November. It was also involved in 2017 IPO Mosaic Acquisition, which completed its acquisition of Vivint Smart Home (VVNT; +100%) last January.
Fortress Value Acquisition III plans to list on the NYSE under the symbol FVT.U. Deutsche Bank and BofA Securities acted as lead managers on the deal.
The article Fortress Investment Group's third SPAC Fortress Value Acquisition III prices $200 million IPO at $10 originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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