Fortress Value Acquisition V, the sixth blank check company by executives at Fortress Investment Group, raised $250 million by offering 25 million shares at $10. Unlike most SPACs, the company offered shares, instead of units with warrants and/or rights attached.
Fortress Value Acquisition V is led by Chairman Andrew McKnight, who serves as a co-CEO and Managing Director at Fortress Investment Group. He is joined by co-CEOs Andrew Stroud and Micah Kaplan, who both serve as Managing Directors at Fortress Investment Group, as well as CFO John Konawalik, the CAO of Fortress Investment Group.
Management's previous SPACs include Fortress Value Acquisition IV (formerly NYSE: FVIV.U) and Fortress Value Acquisition III (formerly NYSE: FVT.U), which both liquidated in 2022, as well as Fortress Value Acquisition II, which merged with ATI Physical Therapy (formerly NYSE: ATIP) in 2021, and Fortress Value Acquisition I, which merged with MP Materials (NYSE: MP; +487% from $10 offer price) in 2020.
Fortress Value Acquisition V plans to list on the Nasdaq under the symbol FVAV. Deutsche Bank acted as sole bookrunner on the deal.
