Aldel Financial priced its IPO of 10 million units at $10 each, with each unit consisting of one share of common stock and one-half of one redeemable warrant. Whole warrants are exercisable at $11.50.
Units begin trading today on the NYSE under ADF.U. Once the securities comprising the units begin separate trading, common stock and warrants are expected to list under ADF and ADFW, respectively.
The offering is expected to close April 12.
The SPAC is led by Robert Kauffman, who co-founded Fortress and retired from the firm in 2012.
Aldel said it will not limit its search for a target company to any particular business segment, but will concentrate on companies exiting the restructuring process, or businesses that have transient current ownership. Read more.
