Arena Fortify Acquisition in a proxy called a Dec. 8 meeting for shareholders to vote on moving up the SPAC’s termination date from February 2023 to the meeting date. The goal is to redeem shares and liquidate before year’s end.
SPAC management said they are unlikely to secure a merger ageement and close a deal by the February deadline, while also recognizing the possible imposition of a 1% excise tax on stock repurchases under the Inflation Reduction Act of 2022 if Arena Fortify were to liquidate after Dec. 31.
The SPAC raised $150 million a year ago this month 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 Zwirn, who 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. Read more.
