ATI Physical Therapy and Fortress Value Acquisition Corp. II Announce Approval of All Proposals at Special Meeting of Stockholders

Rhea-AI Summary

ATI Physical Therapy and Fortress Value Acquisition Corp. II (FAII) announced the approval of their business combination at a special stockholder meeting on June 15, 2021. Approximately 26% of Class A common stockholders opted to redeem their shares, totaling around $89.9 million at a redemption price of $10 per share. The merger is expected to close on June 16, 2021, allowing ATI's Class A common stock and warrants to begin trading as ATIP and ATIP WS on the NYSE on June 17, 2021.

Positive

• Merger approval could provide ATI with enhanced capital for growth.
• Transition to public trading under the NYSE symbol ATIP could increase visibility and investor interest.

Negative

• High redemption rate of 26% may indicate shareholder concerns about the merger's perceived value.

ATI Physical Therapy, Inc. (“ATI” or the “Company”), a portfolio company of Advent International and one of the nation’s largest providers of outpatient physical therapy services, and Fortress Value Acquisition Corp. II ("FVAC II") (NYSE: FAII), a special purpose acquisition company, announced today that at the special meeting of stockholders of FVAC II held on June 15, 2021 at 8:00 a.m., Eastern Time, virtually (the “Special Meeting”), all proposals presented at the Special Meeting, including the business combination proposal, were approved. In connection with the previously announced business combination, holders of 8,987,746 shares of Company Class A common stock, par value $0.0001 per share (the “Class A Common Stock”), reflecting approximately 26% of outstanding Class A Common Stock, exercised their right to redeem their shares for cash at a redemption price of $10.00 per share, for an aggregate redemption amount of approximately $89.9 million.

ATI and FVAC II anticipate that the merger will close on or about June 16, 2021, subject to the satisfaction of customary closing conditions, and for the ATI Class A common stock and warrants to begin publicly trading on NYSE under the new symbols “ATIP” and “ATIP WS”, respectively, on or about June 17, 2021.

About ATI Physical Therapy

At ATI Physical Therapy, we are passionate about potential. Every day, we restore it in our patients and activate it in our team members in close to 900 locations across the U.S. With proven results from more than 2.5 million unique patient cases tracked in its EMR database, ATI is leading the industry by setting best practice standards that deliver predictable outcomes for our patients with MSK issues. ATI's offerings span the healthcare spectrum for MSK-related issues. From preventative services in the workplace and athletic training support to home health, outpatient clinical services and online physical therapy via its CONNECT™ platform, a complete list of our service offerings can be found at ATIpt.com.

About Fortress Value Acquisition Corp. II

FVAC II is a $345 million Special Purpose Acquisition Company sponsored by Fortress Credit and traded on the New York Stock Exchange under the ticker FAII. Fortress Credit is a business of Fortress Investment Group LLC (“Fortress”).

Fortress Investment Group LLC is a leading, highly diversified global investment manager. Founded in 1998, Fortress manages $53.1 billion of assets under management as of March 31, 2021, on behalf of approximately 1,800 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies.

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 375 private equity investments across 42 countries, and as of December 31, 2020, had $76 billion in assets under management. With 14 offices in 11 countries, Advent has established a globally integrated team of over 240 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. After 35 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210616005727/en/

FAQ

What was the outcome of the special meeting for FVAC II on June 15, 2021?

All proposals, including the business combination with ATI Physical Therapy, were approved.

How much capital was redeemed by FVAC II shareholders?

Approximately $89.9 million was redeemed by shareholders, representing 26% of the Class A common stock.

When will ATI's common stock begin trading on the NYSE?

ATI's common stock is expected to start trading under the symbol ATIP on June 17, 2021.

What are the new ticker symbols for ATI Physical Therapy after the merger?

ATI's Class A common stock will trade as ATIP and its warrants will trade as ATIP WS.

What is the significance of the business combination for ATI Physical Therapy?

The merger is expected to provide ATI with additional capital to support growth and expansion.