Fortress Capital Acquisition announced that its board has determined to redeem all outstanding Class A shares effective Jan. 18 because the SPAC will not be able to complete a business combination by its Jan. 15 deadline.
Net of taxes and expenses, the estimated per-share redemption price is expected to be approximately $10.14.
The SPAC's ipo raised $400 million in January 2021. Fortress Capital was focused on financial services companies, including services and technology businesses that provide support to the sector. Read more.