Fortress Value Acquisition Corp. III announced the pricing of its $200 million IPO this evening and its units are expected to begin trading on the NYSE under the symbol “FVT.U” Tuesday, January 5.
The new company aims to combine with a business would benefit from a hands-on owner with investment and operational expertise and that presents potential for an attractive risk-adjusted return profile. Fortress Value III is led by Chairman Joshua A. Pack, CEO Andrew A. McKnight, CFO Daniel N. Bass, and COO Micah B. Kaplan.
Total SPAC deal count for 2021 year-to-date is now 1 with $200.0 million in gross proceeds raised. This offering is expected to close on Thursday, January 7.
Deutsche Bank Securities Inc. and BofA Securities, Inc. are serving as the underwriters for the offering. Weil, Gotshal & Manges LLP is serving as Issuer’s Counsel with Skadden, Arps, Slate, Meagher and Flom LLP serving as Underwriter’s Counsel. WithumSmith+Brown, PC serves as auditor. Continental Stock Transfer & Trust Company LLC is acting as trustee.
Israeli tech firms have made up an outsized proportion of SPAC activity and despite the ongoing tensions in its region, that dealmaking is continuing unabated. In fact, the SPAC named for the particular mission of taking Israeli firms public through SPACs, Israel Acquisition Corp. (NASDAQ:ISRL) in fact just took one step closer in completing that...
At the SPAC of Dawn Although the market has largely recovered from a negative stretch last week, the roller coaster is tilted back downward for Trump Media (NASDAQ:DJT), which slid -8% yesterday to $32.57 – one of its lowest points since closing with Digital World last month. Other SPACs and de-SPACs are having a more...
Remember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...
At the SPAC of Dawn Tucked into the bill that provides $95 billion in funding to American allies passed by the House this weekend is another measure that is likely to have far more impact on at least one pending deal in SPAC world. It would appear that the timing was fortuitous for TikTok rival...
With the passage this weekend of $95 billion in funding for Ukraine, Israel and Taiwan by the House of Representatives, some focus has gone back towards the defense sector, which has generally had a good year as a whole. But, SPACs have not been as active in defense, despite the fact that companies in the...