Fortress Value II Acquisition Corp. (NYSE:FAII) announced in a press release today that its shareholders approved its combination with outpatient physical therapy provider ATI Physical Therapy at a special meeting yesterday.
The press release stated that all proposals were approved, but mentioned 26% of shares were redeemed for an aggregate redemption amount of approximately $89.9 million. This makes the most redemptions on a completion vote since the Altimar Acquisition, Owl Rock and Dyal Partners vote last month where shareholders redeemed 64.9%.
Taking into consideration that FAII was trading below its trust value yesterday at $9.97, the redemption numbers do not appear to be that striking and would have been a typical result before the SPAC boom. The company dropped over 7% to $9.22 yesterday in mid-morning trading, but quickly recovered back up to $9.94 this morning on the heels of the press release.
The transaction is now expected to close on June 16, and the combined entity’s shares and warrants will start trading on the NYSE under the symbols “ATIP” and “ATIP WS”, respectively, on June 17.
The parties initially announced the $2.5 billion deal on February 22. ATI runs a network of 875 physical therapy clinics in 25 states, with about 41% of its business serving government clients or worker compensation care.
ADVISORS
- Deutsche Bank Securities and BofA Securities are serving as joint financial advisors to FVAC II.
- Barclays, Citi, Deutsche Bank Securities, and BofA Securities are serving as placement agents to FVAC II.
- Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor to FVAC II.
- Barclays and Citi are acting as joint financial advisors and capital markets advisors to ATI.
- Weil, Gotshal & Manges LLP is serving as legal counsel to ATI.
A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...
At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...
Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....
At the SPAC of Dawn In a trading session that may find itself built around the release of Fed minutes at 2 pm ET this afternoon, a pair of SPAC targets have added their own fresh information to the mix. Enterprise AI firm Fusemachines, which has a pending combination with CSLM (OTC:CSLMF), put out a...
Globa Terra Acquisition Corporation (NASDAQ:GTERU) announced the pricing of its $152 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “GTERU”, Wednesday, July 9, 2025. The new SPAC plans to mount a search for a target in the agriculture, agtech or biotech sectors with an emphasis on water...