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Arena Fortify Acquisition Corp. - AFAC

  • Commons

    $9.99

    +0.00%

    AFAC Vol: 0.0

  • Warrants

    $0.12

    +0.00%

    AFACW Vol: 0.0

  • Units

    $10.08

    +0.50%

    AFACU Vol: 1.0K

Average: 0
Rating Count: 0
You Rated: Not rated

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SPAC Stats

Market Cap: 173.0M
Average Volume: 36.5K
52W Range: $9.55 - $10.81
Weekly %: +0.00%
Monthly %: +0.35%
Inst Owners: 0

Info

Target: Searching
Days Since IPO: 234
Unit composition:
Each unit has an offering price of $10.00 and consists of one share of our Class A common stock and one-third of one warrant
Trust Size: 20000000.0M

Management

Our officers, directors and director nominees are as follows: Name Age Position Daniel Zwirn 49 Chief Executive Officer and Director Greg White 39 President Kieran Goodwin 51 Chief Financial Officer and Director Bryan Fisher. 49 Chief Operating Officer Franklin S. Edmonds, Jr. 51 Director Marc McCarthy 50 Director James Crockard 51 Director Daniel Zwirn, serves as our Chief Executive Officer and has agreed to serve as Chairman of our Board. Since 2015 Mr. Zwirn has been Chief Executive Officer and Chief Investment Officer of Arena Investors, LP., 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. From 2009 through 2015, he founded and / or led several specialty finance enterprises including Applied Data Finance (a consumer finance company), North Mill Capital (an asset-based lender), North Mill Equipment (an equipment lessor), and Lantern Endowment Partners (an investment fund). From 2001 through 2009, he founded and served as Managing Partner of D.B. Zwirn & Co., a $6 billion global special situations firm originally co-founded by, and spun off from, Highbridge Capital Management, for which he also served as Managing Director. During 2000 and 2001, he founded and created the Special Opportunities Group of MSD Capital, the private investment firm of Michael Dell. He serves on the Board of Trustees of the Brookings Institution, the Executive Board of the University of Pennsylvania’s Jerome Fisher Program in Management & Technology, and the Board of Overseers for the School of Social Policy & Practice at the University of Pennsylvania. He previously served on the Board of Trustees of Barnard College of Columbia University, the Leadership Council of the Robin Hood Foundation and the Board of Trustees of the New York Public Theater. He has an M.B.A. from the Harvard Business School as well as a B.S. Econ. and a B.A.S. (C.S.) from the University of Pennsylvania’s Wharton School of Business and Moore School of Electrical Engineering, respectively. We believe Mr. Zwirn’s deep industry background, coupled with broad investment and transaction experience, make him well qualified to serve as a director. Greg White, serves as our President. Mr. White leads the natural resources team for Arena Investors LP’s investment activities in special situations credit, where he is focused on sourcing, originating, and investing in alternative credit opportunities and control and non-control distressed debt across the energy spectrum, including crude oil and natural gas, exploration and production, metals and mining (precious metals, base metals, and ferrous metals), timber, agriculture and other commodity related businesses and assets. Mr. White joined Arena upon its founding in 2015 to establish and personally direct the oil and gas investment platform for the firm while also having a broader, flexible investment mandate across the entire energy and natural resources spectrum. Mr. White serves on numerous private company boards in which Arena currently holds investments including Polaris Production Partners, LLC, Falcon V Holdings, LLC, Buzzards Bench Holdings, LLC, SMPA Holdings, LLC and MD America Energy Holdings, Inc. Mr. White began his investment career in the investment management group at Archon Group, LP, a real estate investment management company located in Dallas, Texas. Mr. White received a BBA from Harding University. Kieran Goodwin, serves as a Director. Mr. Goodwin founded Panning Capital Management, LP in 2012 and was Co-Managing Partner and Portfolio Manager until 2018. Panning was a long / short credit hedge fund with peak assets under management of $2.5 billion. From 2004 – 2010, he worked at King Street Capital Management where he was one of five partners and four members of the Global Investment Committee. As Head of Trading, Mr. Goodwin was responsible for managing King Street’s trading operations. During his time at King Street, the firm’s assets under management grew from $4 billion to over $20 billion. Mr. Goodwin was previously a Managing Director at both UBS and Merrill Lynch, where he ran proprietary trading books. Currently, Mr. Goodwin invests his own capital in both private and public markets. He is an investor in many early-stage companies and currently 116 serves on the board of Tradewell Technologies, Inc. and Zoomi, Inc. Mr. Goodwin currently also serves as the Chief Financial Officer of Rosecliff Acquisition Sponsor I LLC, a blank check company focused on identifying high growth technology and tech-enabled businesses domestically in industries that are being disrupted by advances in technology and on technology paradigms. Additionally, he serves on the board of Voya Prime Rate Trust, a public closed-end loan fund. Mr. Goodwin received a B.A. in Computer Science, cum laude, from Duke University. We believe that Mr. Goodwin’s investment experience and background in finance make him well qualified to serve as a director. Bryan Fisher serves as our Chief Operating Officer. Mr. Fisher is currently Chief Executive Officer of Fortify Energy, the operated energy platform of Arena Investors. Fortify Energy operates assets across four different basins in the onshore United States. Previously, he was Chief Executive Officer of Jumar Energy Capital, a portfolio company of Bluescape Energy Partners, LLC (“Bluescape”), focused on investing in shale oil and gas development. Mr. Fisher was also a Managing Director at Bluescape. In this role, he sourced and managed several investments, driving performance and optimizing the capital structure and liquidity across Bluescape’s portfolio companies. Prior to Bluescape, Mr. Fisher was Executive Vice President of Business Development and Analytics at EquiPower Resources. EquiPower was a leading Independent Power Producer with more than 8,000 MW across 11 facilities. Mr. Fisher led the $3.5 billion sale of EquiPower to Dynergy, representing a milestone transaction in the industry. Mr. Fisher was formerly a Partner at McKinsey & Company in the Global Energy and Materials Group, working with several Fortune 1000 companies and private equity firms. In this capacity, Mr. Fisher led more than $30 billion of M&A transactions. Prior to McKinsey, Fisher worked in the energy group at Price Waterhouse. Fisher earned a Bachelor of Business Administration from the University of Texas, graduating with honors, and a Master of Business Administration from the University of Chicago Booth School of Business, graduating with highest honors. He was named a Booth Distinguished Alumni in 2017. Franklin S. Edmonds, Jr, has also agreed to serve as a Director. Mr. Edmonds served as Co-Managing Partner and Head of Research at Panning Capital Management, L.P. from 2013-2018. From 2002-2012, he was a Senior Research Analyst at King Street Capital Management, where he served as one of five partners and four members of the Global Investment Committee. During his time at King Street, assets under management grew from $2 billion to over $20 billion. Prior to King Street, Frank was a research analyst at Oak Hill Advisors. He serves on the boards of Shane's Rib Shack, a fast casual barbeque restaurant business with 65 locations in the Southeast, as well as the Darden Graduate School of Business and the Jefferson Scholars Foundation. He is currently the Chair of the Investment Committee at Woodberry Forest School. Frank received a B.A. in History/American Studies from the University of Virginia in 1991 and M.B.A and J.D. degrees from the University of Virginia in 1996. We believe that Mr. Edmond’s significant management and investment experience make him well qualified to serve as a member of our Board. Marc McCarthy will serve as a member of our Board. Mr. McCarthy served as Partner and Senior Managing Director at Wexford Capital, LP from 2008 to 2020. At Wexford, Mr. McCarthy was responsible for developing and managing public and private investment activities within the exploration and production, oil field service, real estate, healthcare, and consumer sectors with an emphasis on high yield and distressed situations. From 1997 to 2008, Mr. McCarthy served as Senior Managing Director covering global emerging market oil & gas, agribusiness equity and debt research at Bear, Stearns & Co. From 1993 to 1997 he conducted oil & gas research at Prudential Securities. Mr. McCarthy has served as Chairman and Director of Mammoth Energy, Director of Penn Virginia, Director of Coronado Midstream, and Chairman and Director of Energy Partners. We believe that Mr. McCarthy’s experience managing public and private investments makes him well qualified to serve as a member of our Board. James Crockard III will serve as a member of our Board. Mr. Crockard currently serves as Chief Executive Officer, Co-Founder, and Chairman of the Board at LOLA Energy III, LLC, a private enterprise launched to make acquisitions of distressed oil and gas businesses in the Appalachian Basin. Since 2015, Mr. Crockard has held similar roles at LOLA Energy, LLC and LOLA Energy II, LLC. In 2017, Mr. Crockard founded Muddy Creek Energy Advisors, LLC, a private equity firm, and currently serves as Chief Executive Officer, Co-Founder, and Board Member. Between 2000 and 2014 Mr. Crockard held various roles at EQT Corporation, a Fortune 500 natural gas company, most recently as Senior Vice President with responsibility across business development, land and title operations, strategic planning and process improvement functions. At EQT, Mr. Crockard was involved in the acquisition of over 200,000 acres in the Marcellus and Utica shale plays, expansion of Marcellus drilling program 117 locations, and leadership and review of multi-basin diversification strategies. From 1995 to 2000, Mr. Crockard worked in the tax department of Ernst & Young, LLP. Mr. Crockard currently serves on the Board of Trustees and as Audit Committee Chair for the Pittsburgh Ballet Theater, Chairman of the Board of Trustees for the TKE Educational Foundation, and on the Tocqueville Society for the United Way of Southwestern Pennsylvania. He has previously held various other leadership roles at the Pittsburgh Cultural Trust, West Virginia University College of Law, and EQT Foundation. Mr. Crockard received a J.D. from West Virginia University in 1994 and B.A. in Business Administration from Waynesburg University in 1991. We believe that Mr.Crockard’s industry and investing experience make him well qualified to serve as a member of our Board. NUMBER AND TERMS OF OFFICE OF OFFICERS AND DIRECTORS We intend to have five directors upon completion of this offering. Our Board will be divided into three classes with only one class of directors being elected in each year and each class (except for those directors appointed prior to our first annual meeting of stockholders) serving a three-year term. The term of office of the first class of directors, consisting of , will expire at our first annual meeting of stockholders. The term of office of the second class of directors, consisting of , will expire at the second annual meeting of stockholders. The term of office of the third class of directors, consisting of , will expire at the third annual meeting of stockholders. We may not hold an annual meeting of stockholders until after we consummate our initial business combination. Prior to the completion of an initial business combination, any vacancy on the Board may be filled by a nominee chosen by holders of a majority of our founder shares. In addition, prior to the completion of an initial business combination, holders of a majority of our founder shares may remove a member of the Board for any reason. Pursuant to an agreement to be entered into concurrently with the issuance and sale of the securities in this offering, our sponsor, upon consummation of an initial business combination will be entitled to nominate three individuals for election to our Board. Our officers are appointed by the Board and serve at the discretion of the Board, rather than for specific terms of office. Our Board is authorized to appoint persons to the offices set forth in our bylaws as it deems appropriate. Our bylaws provide that our officers may consist of a Chairman of the Board, Chief Executive Officer, President, Chief Financial Officer, Vice Presidents, Secretary, Treasurer and such other offices as may be determined by the Board. DIRECTOR INDEPENDENCE The NASDAQ listing standards require that a majority of our Board be independent. An “independent director” is defined generally as a person that, in the opinion of the company’s board of directors, has no material relationship with the listed company (either directly or as a partner, stockholder or officer of an organization that has a relationship with the Company). Our Board has determined that Mr. Edmonds, Mr. McCarthy and Mr. Crockard are “independent directors” as defined in the NASDAQ listing standards and applicable SEC rules. Pursuant to NASDAQ’s phase-in rules for newly listed companies, we have one year from the date on which we are first listed on NASDAQ to for a majority of our Board be independent. Our independent directors will have regularly scheduled meetings at which only independent directors are present. OFFICER AND DIRECTOR COMPENSATION None of our officers or directors has received any cash compensation for services rendered to us. No compensation of any kind, including finder’s and consulting fees, will be paid to our sponsor, officers and directors, or any of their respective affiliates, for services rendered prior to or in connection with the completion of our initial business combination. However, these individuals will be reimbursed for any out-of-pocket expenses incurred in connection with activities on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Our audit committee will review on a quarterly basis all payments that were made by us to our sponsor, officers or directors, or our or their affiliates. 118 After the completion of our initial business combination, directors or members of our management team who remain with us may be paid consulting or management fees from the combined company. All of these fees will be fully disclosed to stockholders, to the extent then known, in the tender offer materials or proxy solicitation materials furnished to our stockholders in connection with a proposed business combination. We have not established any limit on the amount of such fees that may be paid by the combined company to our directors or members of management. It is unlikely the amount of such compensation will be known at the time of the proposed business combination, because the directors of the post-combination business will be responsible for determining officer and director compensation. Any compensation to be paid to our officers will be determined, or recommended to the Board for determination, either by a compensation committee constituted solely by independent directors or by a majority of the independent directors on our Board. We do not intend to take any action to ensure that members of our management team maintain their positions with us after the consummation of our initial business combination, although it is possible that some or all of our officers and directors may negotiate employment or consulting arrangements to remain with us after our initial business combination. The existence or terms of any such employment or consulting arrangements to retain their positions with us may influence our management’s motivation in identifying or selecting a target business but we do not believe that the ability of our management to remain with us after the consummation of our initial business combination will be a determining factor in our decision to proceed with any potential business combination. We are not party to any agreements with our officers and directors that provide for benefits upon termination of employment. COMMITTEES OF THE BOARD OF DIRECTORS Our Board will have three standing committees: an audit committee; a nominating committee; and a compensation committee. Subject to phase-in rules and a limited exception, the rules of the NASDAQ and Rule 10A-3 of the Exchange Act require that the audit committee of a listed company be comprised solely of independent directors, and the rules of the NASDAQ require that the nominating and compensation committees of a listed company be comprised solely of independent directors. Audit Committee Prior to the consummation of this offering, we will establish an audit committee of the Board. and will serve as members of our audit committee, and will serve as chairman of the audit committee. Under the NASDAQ listing standards and applicable SEC rules, all the directors on the audit committee must be independent. Pursuant to NASDAQ’s phase-in rules for newly listed companies, we have one year from the date on which we are first listed on NASDAQ to have our audit committee be comprised of three members. We intend to identify one additional independent director to serve on the audit committee within the applicable time period. Our Board has determined that each of and are independent. Each member of the audit committee is financially literate and our Board has determined that qualifies as an “audit committee financial expert” as defined in applicable SEC rules, and will chair the audit committee. We will adopt an audit committee charter, which will detail the principal functions of the audit committee, including: • the appointment, compensation, retention, replacement, and oversight of the work of the independent registered public accounting firm and any other independent registered public accounting firm engaged by us; • pre-approving all audit and permitted non-audit services to be provided by the independent registered public accounting firm or any other registered public accounting firm engaged by us, and establishing pre-approval policies and procedures; 119 • reviewing and discussing with the independent registered public accounting firm all relationships they have with us in order to evaluate their continued independence; • setting clear hiring policies for employees or former employees of the independent registered public accounting firm; • setting clear policies for audit partner rotation in compliance with applicable laws and regulations; • obtaining and reviewing a report, at least annually, from the independent registered public accounting firm describing (i) the independent registered public accounting firm’s internal quality-control procedures and (ii) any material issues raised by the most recent internal quality-control review, or peer review, of the independent registered public accounting firm, or by any inquiry or investigation by governmental or professional authorities within the preceding five years respecting one or more independent audits carried out by the firm and any steps taken to deal with such issues; • reviewing and approving any related party transaction required to be disclosed pursuant to Item 404 of Regulation S-K promulgated by the SEC prior to us entering into such transaction; and • reviewing with management, the independent registered public accounting firm, and our legal advisors, as appropriate, any legal, regulatory or compliance matters, including any correspondence with regulators or government agencies and any employee complaints or published reports that rai

SEC Filings

Form Type Form Description Filing Date Document Link
10-Q 10-Q 2022-05-16 https://www.sec.gov/Archives/edgar/data/1849489/000119312522150993/d350309d10q.htm
10-K 10-K 2022-04-01 https://www.sec.gov/Archives/edgar/data/1849489/000119312522093685/d291309d10k.htm
NT 10-K NT 10-K 2022-04-01 https://www.sec.gov/Archives/edgar/data/1849489/000119312522092404/d291309dnt10k.htm
SC 13G/A FORM SC 13G/A 2022-02-14 https://www.sec.gov/Archives/edgar/data/1849489/000106299322003891/formsc13ga.htm
SC 13G SC 13G 2022-02-09 https://www.sec.gov/Archives/edgar/data/1849489/000119312522031378/d310142dsc13g.htm
SC 13G/A 2022-02-03 https://www.sec.gov/Archives/edgar/data/1849489/000090266422001029/p22-0544sc13ga.htm
SC 13G 2022-01-13 https://www.sec.gov/Archives/edgar/data/1849489/000089534522000060/ff726645_13g-arena.htm
8-K 8-K 2021-12-30 https://www.sec.gov/Archives/edgar/data/1849489/000119312521370717/d235807d8k.htm
10-Q 10-Q 2021-12-22 https://www.sec.gov/Archives/edgar/data/1849489/000119312521364979/d259528d10q.htm
SC 13G ARENA FORTIFY ACQUISITION CORP. 2021-11-26 https://www.sec.gov/Archives/edgar/data/1849489/000090266421005110/p21-2577sc13g.htm
SC 13G ARENA FORTIFY ACQUISITION CORP. 2021-11-24 https://www.sec.gov/Archives/edgar/data/1849489/000090266421005101/p21-2598sc13g.htm
8-K AUDITED BALANCE SHEET 8-K 2021-11-22 https://www.sec.gov/Archives/edgar/data/1849489/000156459021057824/afac-8k_20211115.htm
SC 13G FORM SC 13G 2021-11-19 https://www.sec.gov/Archives/edgar/data/1849489/000106299321011211/formsc13g.htm
8-K CLOSING 8-K 2021-11-15 https://www.sec.gov/Archives/edgar/data/1849489/000156459021057072/afac-8k_20211109.htm
424B4 424B4 2021-11-12 https://www.sec.gov/Archives/edgar/data/1849489/000156459021056711/afac-424b4.htm
EFFECT 2021-11-09 https://www.sec.gov/Archives/edgar/data/1849489/999999999521004255/xslEFFECTX01/primary_doc.xml
3 FORM 3 SUBMISSION 2021-11-09 https://www.sec.gov/Archives/edgar/data/1849489/000089924321043781/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-11-09 https://www.sec.gov/Archives/edgar/data/1849489/000089924321043779/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-11-09 https://www.sec.gov/Archives/edgar/data/1849489/000089924321043778/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-11-09 https://www.sec.gov/Archives/edgar/data/1849489/000089924321043776/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-11-09 https://www.sec.gov/Archives/edgar/data/1849489/000089924321043774/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-11-09 https://www.sec.gov/Archives/edgar/data/1849489/000089924321043768/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-11-09 https://www.sec.gov/Archives/edgar/data/1849489/000089924321043757/xslF345X02/doc3.xml
CERT 2021-11-09 https://www.sec.gov/Archives/edgar/data/1849489/000135445721001311/8A_Cert_AFAC.pdf
8-A12B 8-A12B 2021-11-09 https://www.sec.gov/Archives/edgar/data/1849489/000095012321014274/afac-812b_20211109.htm
CORRESP 2021-11-08 https://www.sec.gov/Archives/edgar/data/1849489/000156459021055036/filename1.htm
CORRESP 2021-11-08 https://www.sec.gov/Archives/edgar/data/1849489/000156459021055030/filename1.htm
S-1/A S-1/A 2021-11-08 https://www.sec.gov/Archives/edgar/data/1849489/000156459021055020/afac-s1a.htm
S-1/A S-1/A 2021-10-29 https://www.sec.gov/Archives/edgar/data/1849489/000156459021052778/afac-s1a.htm
S-1/A S-1/A 2021-10-05 https://www.sec.gov/Archives/edgar/data/1849489/000156459021050209/afac-s1a.htm
S-1/A S-1/A 2021-05-06 https://www.sec.gov/Archives/edgar/data/1849489/000156459021024874/afac-s1a.htm
CORRESP 2021-05-06 https://www.sec.gov/Archives/edgar/data/1849489/000156459021024873/filename1.htm
UPLOAD 2021-05-04 https://www.sec.gov/Archives/edgar/data/1849489/000000000021005660/filename1.pdf
CORRESP 2021-04-28 https://www.sec.gov/Archives/edgar/data/1849489/000156459021021163/filename1.htm
S-1/A S-1/A 2021-04-27 https://www.sec.gov/Archives/edgar/data/1849489/000156459021020699/afac-s1a.htm
S-1/A S-1/A 2021-04-19 https://www.sec.gov/Archives/edgar/data/1849489/000156459021019437/afac-s1a.htm
UPLOAD 2021-04-15 https://www.sec.gov/Archives/edgar/data/1849489/000000000021004578/filename1.pdf
S-1 S-1 2021-03-19 https://www.sec.gov/Archives/edgar/data/1849489/000156459021014415/afac-s1.htm