Fortress Value Acquisition Corp. II (FAII.U) Prices $300M IPO
Fortress Value Acquisition Corp. II (FAII.U), announced the pricing of their $300 million SPAC IPO tonight and the shares are expected to begin trading on the NYSE under the FAII.U symbol tomorrow, August 12, 2020.
Andrew McKnight will serve as FAII’s CEO, with Joshua Pack nominated as Board Chairman and Daniel Bass and Micah Kaplan stepping in as the entity’s CFO and COO, respectively.
McKnight and Pack also served in these roles for Fortress Value Acquisition Corp. I, which on July 15th announced it had agreed to combine with US-based rare earth mineral miner MP Materials.
Total SPAC deal count for 2020 year-to-date is now 65 with $25.93 billion in gross proceeds raised. The offering is anticipated to close on Friday, August 14, 2020.
Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC and BofA Securities, Inc. are serving as the underwriters for the offering. Weil, Gotshal & Manges LLP, was Issuer’s Counsel while Skadden, Arps, Slate, Meagher & Flom LLP served as Underwriter’s Counsel. WithumSmith+Brown acted as auditor. Continental Stock Transfer & Trust Company is acting as trustee.