Arena Fortify Acquisition, a blank check company formed by Arena Investors targeting post-restructured or restructuring businesses, raised $150 million by offering 15 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 Director Daniel Zwirn, the CEO and CIO of investment firm Arena Investors. The company plans to target businesses that have either recently emerged from bankruptcy court protection or will require incremental capital as part of a balance sheet restructuring within the broad natural resources industry, focusing on those with aggregate enterprise values between $750 million and $2 billion.
Arena Fortify Acquisition plans to list on the Nasdaq under the symbol AFACU. Cowen, and Intrepid Partners acted as joint bookrunners on the deal.
