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Fortress Capital Acquisition Corp. (NYSE:FCAX) announced the redemption of all Class A ordinary shares, effective January 18, 2023, due to the inability to complete an initial business combination by the deadline of January 15, 2023. The estimated per-share redemption price will be approximately $10.14, based on trust fund amounts as of December 31, 2022. Following the redemption, the company will cease operations, liquidate, and delist its shares from the NYSE. Shareholders will need to present certificates to receive the redemption amount, while warrants will expire worthless.
Fortress Capital Acquisition Corp. has priced its upsized initial public offering at $10.00 per unit, totaling 35,000,000 units. Trading will commence on the New York Stock Exchange under the ticker symbol FCAX.U starting January 13, 2021. Each unit comprises one Class A ordinary share and one-fifth of a redeemable warrant. The underwriters, Citigroup and Goldman Sachs, have a 45-day option to purchase an additional 5,000,000 units. The SEC declared a registration statement effective on January 12, 2021.
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