SPAC Aldel Financial prices $100 million IPO, led by Fortress co-founder Robert Kauffman

Aldel Financial, a blank check company formed by Fortress Investment Group co-founder Robert Kauffman, raised $100 million by offering 10 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.

The company is led by CEO and Chairman Robert Kauffman, the founder of private investment firm Aldel Capital and a former co-founder and Principal of Fortress Investment Group. The company plans to target businesses that are exiting the restructuring process or have transient current ownership, with particular emphasis on those with strong management teams, realigned capital structures, positive cash flows prospects, and a clear and well-defined pathway for growing profitably over the long-term.

Aldel Financial plans to list on the NYSE under the symbol ADF.U. ThinkEquity acted as a lead manager on the deal.