Fortress Value Acquisitioon II set June 15 as the date for shareholderrs to vote on the SPAC’s proposed merger with ATI Physical Therapy, a portfolio company of Advent International, at a $2.5 billion valuation.
Announced in February, terms call for cash proceeds consisting of the SPAC’s $345 million in trust and a fully committed common stock PIPE of $300 million at $10 per share from institutional investors including Fortress Investment Group, Wells Capital Management, Weiss Asset Management and Monashee Investment Management.
The SPAC said it amended the terms of its founder equity to align with long-term value creation and performance of the company. FVAC II’s sponsor will defer 100 percent of its founder shares in accordance with a vesting schedule: 33 percent at $12 per share, 33 percent at $14 per share and 33 percent at $16 per share. FVAC II’s sponsor will also cancel 50 percent of private warrants.
ATI owns and operates nearly 900 physical therapy clinics across 25 states. Read more.
