Adel Financial in an amended S-1 filing cut its planned offer by 50 percent down to 10 million units from the previously announced 20 million units.
Adel is targeting businesses that are exiting the restructuring process, or businesses that have transient current ownership.
The SPAC is led by CEO and Chairman Robert Kauffman, who was a co-founder, principal and member of the board of Fortress Investment Group from its founding in 1998 until 2012.
The SPAC plans to list on the NYSE under ADF.U.
