Arena Fortify Cuts Deal Size by 25% Ahead of $150M IPO

Arena Fortify Acquisition in an amended S-1 filing disclosed it now plans to offer 15 million units at $10 each, down from the 20 million units the new SPAC registered in March.

A unit now consists of one share of Class A common stock and one-half of a warrant. The initial registration listed units with one-third of a warrant each.

Arena Fortify plans to target companies 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. 

The SPAC is led by CEO and Chairman Daniel Zwirnwho is also CEO and CIO of Arena Investors, a $2.2 billion investment firm with offices in New York, London and San Francisco focusing on global special situations asset and credit investments in corporates, real estate, structured finance, and corporate securities. 

Cowen and Intrepid Partners are joint book-running managers. The underwriters’ over-allotment option allows the purchase of up to an additional 2.25 million units.

The SPAC has appliedd for a Nasdaq listing under AFACU. Read more.  

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