Arena Fortify Acquisition launched its IPO of 15 million units at $10 each. Units are expected to list on the Nasdaq and trade under AFACU. Each consists of one share of Class A common stock and one-half of a warrant.
Once the securities begin separate trading, shares and warrants are expected to list under AFAC and AFACUW.
Cowen and Intrepid Partners are joint book-running managers for the offering. The underwriters may choose to purchase up to 2.25 million additional units to cover any over-allotment.
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. Read more.
