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.
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...