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Fortress Capital Acquisition Corp - FCAX

  • Commons

    $9.79

    +0.00%

    FCAX Vol: 73.7K

  • Warrants

    $0.86

    -4.44%

    FCAX+ Vol: 1.2K

  • Units

    $9.94

    -0.20%

    FCAX= Vol: 14.4K

Average: 0
Rating Count: 0
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SPAC Stats

Market Cap: 391.6M
Average Volume: 118.9K
52W Range: $9.50 - $10.10
Weekly %: -0.20%
Monthly %: -0.61%
Inst Owners: 57

Info

Target: Searching
Days Since IPO: 326
Unit composition:
Each unit has an offering price of $10.00 and consists of one Class A ordinary share and one-fourth of one warrant
Trust Size: 30000000.0M

Management

Officers and Directors Cayman Islands law does not limit the extent to which a company’s memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against willful default, fraud or the consequences of committing a crime. Our amended and restated memorandum and articles of association will provide for indemnification of our officers and directors to the maximum extent permitted by law, including for any liability incurred in their capacities as such, except through their own actual fraud, willful default or willful neglect. We will enter into agreements with our officers and directors to provide contractual indemnification in addition to the indemnification provided for in our amended and restated memorandum and articles of association. We will purchase a policy of directors’ and officers’ liability insurance that insures our officers and directors against the cost of defense, settlement or payment of a judgement in some circumstances and insures us against our obligations to indemnify our officers and directors. Our officers and directors have agreed to waive any right, title, interest or claim of any kind in or to any monies in the trust account, and have agreed to waive any right, title, interest or claim of any kind they may have in the future as a result of, or arising out of, any services provided to us and will not seek recourse against the trust account for any reason whatsoever (except to the extent they are entitled to funds from the trust account due to their ownership of public shares). Accordingly, any indemnification provided will only be able to be satisfied by us if (i) we have sufficient funds outside of the trust account or (ii) we consummate an initial business combination. Our indemnification obligations may discourage shareholders from bringing a lawsuit against our officers or directors for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against our officers and directors, even though such an action, if successful, might otherwise benefit us and our shareholders. Furthermore, a shareholder’s investment may be adversely affected to the extent we pay the costs of settlement and damage awards against our officers and directors pursuant to these indemnification provisions. We believe that these provisions, the insurance and indemnity agreements are necessary to attract and retain talented and experienced officers and directors. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. 123 Table of Contents PRINCIPAL SHAREHOLDERS The following table sets forth information regarding the beneficial ownership of our ordinary shares as of the date of this prospectus, and as adjusted to reflect the sale of our ordinary shares included in the units offered by this prospectus, and assuming no purchase of units in this offering, by: • each person known by us to be the beneficial owner of more than 5% of our outstanding ordinary shares; • each of our officers, directors and director nominees that beneficially own ordinary shares; and • all our officers, directors and director nominees as a group. Unless otherwise indicated, we believe that all persons named in the table have sole voting and investment power with respect to all ordinary shares beneficially owned by them. The following table does not reflect record or beneficial ownership of the private placement warrants as these warrants are not exercisable within 60 days of the date of this prospectus. The below table assumes that the underwriters do not exercise their over-allotment option, that our sponsor forfeits 1,125,000 founder shares, and that there are 37,500,000 ordinary shares outstanding after this offering. The table does not reflect any units that may be purchased in this offering, including through the directed unit program, as described under “Underwriting—Directed Unit Program.” In September 2020, we issued to our sponsor 8,625,000 founder shares for $25,000, or approximately $0.003 per share. The purchase price of the founder shares was determined by dividing the amount of cash contributed to the company by the number of founder shares issued. Prior to the closing of this offering, our sponsor intends to transfer 25,000 founder shares to each of our independent director nominees at their original purchase price. Name and Address of Beneficial Owner(1) Number ofSharesBeneficiallyOwned(2) Approximate Percentage ofOutstanding Ordinaryshares BeforeOffering AfterOffering(2) Fortress Capital Acquisition Sponsor LLC(3) 8,575,000 99.4 % 19.8 % Michael Nierenberg — — — Daniel N. Bass — — — Varun Wadhawan — — — Debra Coleman 25,000 * * Elizabeth Fascitelli 25,000 * * All directors, officers and director nominees as a group (5 individuals) 8,625,000 100 % 20 % * Less than one percent. (1) Unless otherwise noted, the business address of each of the following entities or individuals is 1345 Avenue of the Americas, 45th Floor, New York, New York 10105. (2) Interests shown consist solely of founders shares, classified as Class B ordinary shares. The founder shares will convert into Class A ordinary shares at the time of our initial business combination, on a one-for-one basis, subject to adjustment, as described in the section entitled “Description of Securities.” (3) Represents the interests directly held by Fortress Capital Acquisition Sponsor LLC. The sole member of Fortress Capital Acquisition Sponsor LLC is Principal Holdings I LP, a Delaware limited partnership. Immediately after this offering, our initial shareholders will beneficially own 20% of the then outstanding ordinary shares and will have the right to appoint all of our directors prior to our initial business combination as a result of holding all of the founder shares. Holders of our public shares will not have the right to appoint any directors to our board of directors prior to our initial business combination. In addition, because of their 124 Table of Contents ownership block, our initial shareholders may be able to effectively influence the outcome of all other matters requiring approval by our shareholders, including amendments to our amended and restated memorandum and articles of association and approval of significant corporate transactions. If we increase or decrease the size of this offering, we will effect a capitalization or share repurchase or redemption or other appropriate mechanism, as applicable, with respect to our Class B ordinary shares immediately prior to the consummation of this offering in such amount as to maintain the number of founder shares at 20% of our outstanding ordinary shares upon the consummation of this offering. Our sponsor has committed to purchase an aggregate of 6,000,000 (or 6,600,000 if the underwriters’ over-allotment option is exercised in full) private placement warrants at a price of $1.50 per warrant ($9,000,000 in the aggregate or $9,900,000 in the aggregate if the underwriters’ over-allotment option is exercised in full) in a private placement that will occur simultaneously with the closing of this offering. Each private placement warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as provided herein. If we do not complete our initial business combination within 24 months from the closing of this offering, the proceeds of the sale of the private placement warrants held in the trust account will be used to fund the redemption of our public shares, and the private placement warrants will expire worthless. The private placement warrants are identical to the warrants sold as part of the units in this offering except that, so long as they are held by our sponsor or its permitted transferees, (i) they will not be redeemable by us (except as described below under “Description of Securities—Redeemable Warrants—Public Shareholders’ Warrants—Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00”), (ii) they (including the Class A ordinary shares issuable upon exercise of these warrants) may not, subject to certain limited exceptions, be transferred, assigned or sold by our sponsor until 30 days after the completion of our initial business combination, (iii) they may be exercised by the holders on a cashless basis, and (iv) they (including the Class A ordinary shares issuable upon exercise of these warrants) are entitled to registration rights. Our sponsor and our officers and directors are deemed to be our “promoters” as such term is defined under the federal securities laws. See “Certain Relationships and Related Party Transactions” for additional information regarding our relationships with our promoters. Transfers of Founder Shares and Private Placement Warrants The founder shares, private placement warrants and any Class A ordinary shares issued upon conversion or exercise thereof are each subject to transfer restrictions pursuant to lock-up provisions in the letter agreement with us to be entered into by our sponsor, officers and directors. Those lock-up provisions provide that such securities are not transferable, assignable or salable (i) in the case of the founder shares, until the earliest to occur of: (A) one year after the completion of our initial business combination; (B) subsequent to our initial business combination, if the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination; and (C) the date following the completion of our initial business combination on which we complete a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property, and (ii) in the case of the private placement warrants and the respective Class A ordinary shares underlying such warrants, until 30 days after the completion of our initial business combination, except in each case (a) to our officers or directors, any affiliates or family members of any of our officers or directors, any members of our sponsor, or any affiliates of our sponsor, (b) in the case of an individual, by gift to a member of the individual’s immediate family or to a trust, the beneficiary of which is a member of the individual’s immediate family, an affiliate of such person or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection with the consummation of a business combination at prices no greater than the price at which the securities were originally purchased; (f) in the event of our liquidation prior to our completion of our initial business combination; (g) by virtue of the laws 125 Table of Contents of the Cayman Islands or our sponsor’s limited liability company agreement upon dissolution of our sponsor; or (h) in the event of our liquidation, merger, share exchange, reorganization or other similar transaction which results in all of our shareholders having the right to exchange their ordinary shares for cash, securities or other property subsequent to our completion of our initial business combination; provided, however, that in the case of clauses (a) through (e) these permitted transferees must enter into a written agreement agreeing to be bound by these transfer restrictions. The lock-up will not limit the ability of our sponsor to (i) transfer founder shares to any independent directors appointed or elected to our board of directors after the closing of this offering or (ii) enter into agreements with its employees or affiliates or employees of Fortress or any of its affiliates relating to the transfer of direct or indirect interests in the founder shares to such persons, provided that with respect to clause (ii) such transfer is not effected until the expiration of the lock-up period. Registration Rights The holders of the founder shares, private placement warrants and warrants that may be issued upon conversion of working capital loans, if any, will have registration rights to require us to register a sale of any of our securities held by them (in the case of the founder shares, only after conversion to our Class A ordinary shares) pursuant to a registration rights agreement to be entered into on or prior to the closing of this offering. These holders will be entitled to make up to three demands, excluding short form registration demands, that we register such securities for sale under the Securities Act. In addition, these holders will have certain “piggy-back” registration rights to include such securities in other registration statements filed by us and rights to require us to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that we will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lock-up period, which occurs (i) in the case of the founder shares, on the earliest to occur of: (A) one year after the completion of our initial business combination; (B) subsequent to our initial business combination, if the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination; and (C) the date following the completion of our initial business combination on which we complete a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property, and (ii) in the case of the private placement warrants and the respective Class A ordinary shares underlying such warrants, 30 days after the completion of our initial business combination. We will bear the costs and expenses incurred in connection with filing any such registration statements. 126 Table of Contents CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS In September 2020, we issued to our sponsor 8,625,000 founder shares for $25,000, or approximately $0.003 per share. Prior to the closing of this offering, our sponsor intends to transfer 25,000 founder shares to each of our independent director nominees at their original purchase price. As such, our initial shareholders will collectively own 20% of our outstanding ordinary shares after this offering (assuming they do not purchase any units in this offering) and will have the right to appoint all of our directors prior to our initial business combination. If we increase or decrease the size of this offering, we will effect a capitalization or share repurchase or redemption or other appropriate mechanism, as applicable, with respect to our Class B ordinary shares immediately prior to the consummation of this offering in such amount as to maintain the number of founder shares at 20% of our outstanding ordinary shares upon the consummation of this offering. Up to 1,125,000 founder shares are subject to forfeiture by our sponsor depending on the extent to which the underwriters’ over-allotment option is exercised. Our sponsor has committed, pursuant to a written agreement, to purchase an aggregate of 6,000,000 (or 6,600,000 if the underwriters’ over-allotment option is exercised in full) private placement warrants for a purchase price of $1.50 per warrant in a private placement that will occur simultaneously with the closing of this offering. As such, our sponsor’s interest in this transaction is valued at between $9,000,000 and $9,900,000 depending on the number of private placement warrants purchased. Each private placement warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as provided herein. The private placement warrants (including the Class A ordinary shares issuable upon exercise of the private placement warrants) may not, subject to certain limited exceptions, be transferred, assigned or sold by it until 30 days after the completion of our initial business combination. As more fully discussed in “Management—Conflicts of Interest,” if any of our officers or directors becomes aware of a business combination opportunity that falls within the line of business of any entity to which he or she has then-current fiduciary or contractual obligations, he or she may be required to present such business combination opportunity to such entity prior to presenting such business combination opportunity to us. All of our officers and directors currently have certain relevant fiduciary duties or contractual obligations that may take priority over their duties to us. We will enter into an agreement with an affiliate of our sponsor, pursuant to which we will pay a total of $20,000 per month for office space, administrative and support services to such affiliate. Upon completion of our initial business combination or our liquidation, we will cease paying these monthly fees. Accordingly, in the event the consummation of our initial business combination takes the maximum 24 months, an affiliate of our sponsor will be paid a total of $480,000 ($20,000 per month) for office space, administrative and support services and will be entitled to be reimbursed for any out-of-pocket expenses. Our sponsor, officers and directors, or any of their respective affiliates, will be reimbursed for any reasonable 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, directors or our or any of their affiliates and will determine which expenses and the amount of expenses that will be reimbursed. There is no cap or ceiling on the reimbursement of reasonable out-of-pocket expenses incurred by such persons in connection with activities on our behalf. Prior to the closing of this offering, our sponsor has loaned us up to $300,000 to be used for a portion of the expenses related to the organization of our company and this offering. As of December 23, 2020, we borrowed $287,250 under the promissory note provided by our sponsor. This loan is non-interest bearing, unsecured and due at the earlier of July 31, 2021 and the closing of this offering. This loan will be repaid upon the completion of this offering out of the $1,550,000 of offering proceeds that has been allocated for the payment of offering expenses (other than underwriting commissions) not held in the trust acc

Holder Stats

1 0
% of Shares Held by All Insider 0.02%
% of Shares Held by Institutions 42.33%
% of Float Held by Institutions 42.34%
Number of Institutions Holding Shares 57

Institutional Holders

Reporting Date Hedge Fund Shares Held Market Value % of Portfolio Quarterly Change in Shares Ownership in Company
2021-11-16 Schonfeld Strategic Advisors LLC 19,696 $190,000 0.0% +20.2% 0.039%
2021-11-16 Wellington Management Group LLP 798,307 $7,810,000 0.0% +126.8% 1.597%
2021-11-16 Whitebox Advisors LLC 100,000 $980,000 0.0% +3.2% 0.200%
2021-11-16 Bain Capital Credit LP 1,017,609 $9,950,000 1.8% +38.1% 2.035%
2021-11-15 Athanor Capital LP 75,620 $740,000 0.1% +165.3% 0.151%
2021-11-12 Weiss Asset Management LP 82,441 $810,000 0.0% 0 0.165%
2021-11-12 Hsbc Holdings PLC 420,757 $4,110,000 0.0% +68.3% 0.842%
2021-11-12 Cowen AND Company LLC 100,000 $980,000 0.0% +66.7% 0.200%
2021-11-10 Commonwealth of Pennsylvania Public School Empls Retrmt SYS 40,000 $390,000 0.0% 0 0.080%
2021-10-22 Tuttle Capital Management LLC 178,612 $1,510,000 0.8% -22.4% 0.357%
2021-08-16 Whitebox Advisors LLC 96,899 $950,000 0.0% +21.1% 0.194%
2021-08-16 Schonfeld Strategic Advisors LLC 16,386 $160,000 0.0% +63.9% 0.033%
2021-08-16 Goldman Sachs Group Inc. 28,330 $280,000 0.0% -16.9% 0.057%
2021-08-13 Qube Research & Technologies Ltd 23,897 $240,000 0.0% 0 0.048%
2021-08-13 Finepoint Capital LP 1,887,092 $18,570,000 3.5% 0 3.774%
2021-08-12 MMCAP International Inc. SPC 250,000 $2,460,000 0.1% -16.7% 0.500%
2021-08-12 CIBC World Markets Inc. 51,500 $510,000 0.0% 0 0.103%
2021-07-31 Tuttle Tactical Management 230,070 $1,950,000 0.9% -11.1% 0.460%
2021-05-18 Berkley W R Corp 24,845 $240,000 0.0% 0 0.213%
2021-05-18 Alyeska Investment Group L.P. 500,000 $4,910,000 0.1% 0 4.282%
2021-05-17 Schonfeld Strategic Advisors LLC 10,000 $98,000 0.0% 0 0.086%
2021-05-17 Walleye Trading LLC 35,000 $340,000 0.0% 0 0.300%
2021-05-14 Whitebox Advisors LLC 80,000 $790,000 0.0% 0 0.685%
2021-05-14 Ghisallo Capital Management LLC 500,000 $4,910,000 0.3% 0 4.282%
2021-05-10 Basso Capital Management L.P. 25,806 $250,000 0.0% 0 0.221%

SEC Filings

Form Type Form Description Filing Date Document Link
10-Q 10-Q 2021-11-08 https://www.sec.gov/Archives/edgar/data/1823733/000182373321000009/fcax-20210930.htm
10-Q 10-Q 2021-08-09 https://www.sec.gov/Archives/edgar/data/1823733/000182373321000006/fcax-20210630.htm
10-Q 10-Q 2021-05-13 https://www.sec.gov/Archives/edgar/data/1823733/000182373321000003/fcax-20210331.htm
8-K FORM 8-K 2021-03-02 https://www.sec.gov/Archives/edgar/data/1823733/000119312521065636/d105967d8k.htm
SC 13G FORTRESS CAPITAL ACQUISITION CORP. 2021-01-25 https://www.sec.gov/Archives/edgar/data/1823733/000090266421000482/p21-0239sc13g.htm
8-K FORM 8-K 2021-01-22 https://www.sec.gov/Archives/edgar/data/1823733/000119312521014819/d934261d8k.htm
4 FORM 4 SUBMISSION 2021-01-15 https://www.sec.gov/Archives/edgar/data/1823733/000089924321002266/xslF345X03/doc4.xml
4 FORM 4 SUBMISSION 2021-01-15 https://www.sec.gov/Archives/edgar/data/1823733/000089924321002264/xslF345X03/doc4.xml
8-K FORM 8-K 2021-01-15 https://www.sec.gov/Archives/edgar/data/1823733/000119312521010239/d167164d8k.htm
424B4 424B4 2021-01-14 https://www.sec.gov/Archives/edgar/data/1823733/000119312521009135/d90960d424b4.htm
EFFECT 2021-01-12 https://www.sec.gov/Archives/edgar/data/1823733/999999999521000130/xslEFFECTX01/primary_doc.xml
3 FORM 3 SUBMISSION 2021-01-12 https://www.sec.gov/Archives/edgar/data/1823733/000089924321001688/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-01-12 https://www.sec.gov/Archives/edgar/data/1823733/000089924321001669/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-01-12 https://www.sec.gov/Archives/edgar/data/1823733/000089924321001654/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-01-12 https://www.sec.gov/Archives/edgar/data/1823733/000089924321001644/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-01-12 https://www.sec.gov/Archives/edgar/data/1823733/000089924321001634/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-01-12 https://www.sec.gov/Archives/edgar/data/1823733/000089924321001626/xslF345X02/doc3.xml
S-1MEF S-1MEF 2021-01-12 https://www.sec.gov/Archives/edgar/data/1823733/000119312521007474/d90415ds1mef.htm
CERT NYSE CERTIFICATION 2021-01-12 https://www.sec.gov/Archives/edgar/data/1823733/000087666121000046/FCAX011221.pdf
8-A12B 8-A12B 2021-01-12 https://www.sec.gov/Archives/edgar/data/1823733/000119312521006995/d100019d8a12b.htm
CORRESP 2021-01-11 https://www.sec.gov/Archives/edgar/data/1823733/000119312521006014/filename1.htm
CORRESP 2021-01-11 https://www.sec.gov/Archives/edgar/data/1823733/000119312521006013/filename1.htm
CORRESP 2021-01-07 https://www.sec.gov/Archives/edgar/data/1823733/000119312521004105/filename1.htm
S-1/A AMENDMENT NO. 2 TO FORM S-1 2021-01-07 https://www.sec.gov/Archives/edgar/data/1823733/000119312521004101/d90960ds1a.htm
UPLOAD 2021-01-04 https://www.sec.gov/Archives/edgar/data/1823733/000000000021000047/filename1.pdf
S-1/A AMENDMENT NO. 1 TO FORM S-1 2020-12-31 https://www.sec.gov/Archives/edgar/data/1823733/000119312520330597/d90960ds1a.htm
S-1 S-1 2020-12-23 https://www.sec.gov/Archives/edgar/data/1823733/000119312520326067/d90960ds1.htm
DRS 2020-09-17 https://www.sec.gov/Archives/edgar/data/1823733/000095012320009800/filename1.htm