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ATI Physical Therapy, Inc.

CIK 0001815849

Cash in trust

$345M

$345,007,390

Trust per share

$10.00

Redemption value

IPO

Aug 2020

$345M raised

Combination deadline

—

Not disclosed

Filings on record

394

Latest May 14, 2025

Business combination

Target
Not disclosed in an indexed filing
Announced
Mar 12, 2021
Closed
Jun 23, 2021

Overview

ATI Physical Therapy, Inc. is a special purpose acquisition company incorporated in Delaware and registered with the SEC under CIK 0001815849. It completed its initial public offering in Aug 2020, raising $345M in gross proceeds. The vehicle is sponsored by Fortress through Fortress Acquisition Sponsor II LLC. The mandate targets financial services, energy transition. Business combination closed; the company trades under a new ticker.

“We intend to seek a company in an industry that complements the experience and expertise of our management team and is a business that we think our transformative operating skills can help improve.”
The mandate, as stated in the IPO prospectus

Reading the filings

Arithmetic on what ATI Physical Therapy, Inc. has disclosed, written the way a desk would read it. These are observations, not a rating. Nothing here scores the vehicle or implies a view on it.

  • Trust versus the $10 unit

    The trust holds $10.00 per public share, effectively the $10.00 the units were sold at, so little or no interest has accrued to the account yet.

  • Warrant coverage

    Each unit carried one-fifth warrant per unit. Warrants are dilution deferred: they cost the holder nothing until exercised, and they overhang the post-combination share count. Thinner coverage is generally a sign of a stronger book at pricing.

  • Sponsor record

    Fortress has launched 6 vehicles. Of the 5 that have resolved, 2 closed a combination and 3 liquidated, a 40% completion rate. A sponsor's record is not a forecast, but it does tell you whether the team has taken a deal across the line before.

  • Underwriting

    Deutsche Bank led the offering. It has been named on 83 SPAC IPOs, book-running 19 of them, and 65.4% of its resolved vehicles closed a deal. The syndicate has no control over whether a sponsor finds a target, but the quality of the book at pricing shapes who ends up holding the units.

How busy it has been

Filings per month since the first one. A vehicle that has gone quiet with a deadline ahead is a different proposition from one that is still working.

381902020-062025-05

394 filings in all. 21 in the last three months, against a busiest month of 38.

News on ATI Physical Therapy, Inc.

Last 90 days

SEC filing history

Free tier: filings older than 24 hours
  • 4

    Statement of changes in beneficial ownership

    Accession 0001927109-25-000003

    May 14, 2025

    1y ago

    View on EDGAR ↗
  • 4

    Statement of changes in beneficial ownership

    Accession 0002052296-25-000006

    Mar 25, 2025

    1y ago

    View on EDGAR ↗
  • 4

    Statement of changes in beneficial ownership

    Accession 0001927109-25-000001

    Mar 25, 2025

    1y ago

    View on EDGAR ↗
  • 4

    Statement of changes in beneficial ownership

    Accession 0001944782-25-000001

    Mar 25, 2025

    1y ago

    View on EDGAR ↗
  • 4

    Statement of changes in beneficial ownership

    Accession 0001867889-25-000002

    Mar 25, 2025

    1y ago

    View on EDGAR ↗
  • 4

    Statement of changes in beneficial ownership

    Accession 0001953718-25-000002

    Mar 25, 2025

    1y ago

    View on EDGAR ↗
  • 4

    Statement of changes in beneficial ownership

    Accession 0001961840-25-000001

    Mar 25, 2025

    1y ago

    View on EDGAR ↗
  • 4

    Statement of changes in beneficial ownership

    Accession 0001959039-25-000001

    Mar 25, 2025

    1y ago

    View on EDGAR ↗
  • 10-K

    Annual report

    Accession 0001815849-25-000015

    Mar 18, 2025

    1y ago

    View on EDGAR ↗
  • 15-12G

    Deregistration of securities

    Accession 0001140361-25-008940

    Mar 17, 2025

    1y ago

    View on EDGAR ↗
  • EFFECT

    Notice of effectiveness

    Accession 9999999995-25-000669

    Mar 17, 2025

    1y ago

    View on EDGAR ↗
  • EFFECT

    Notice of effectiveness

    Accession 9999999995-25-000668

    Mar 17, 2025

    1y ago

    View on EDGAR ↗
  • EFFECT

    Notice of effectiveness

    Accession 9999999995-25-000667

    Mar 17, 2025

    1y ago

    View on EDGAR ↗
  • S-8 POS

    S-8 POS

    Accession 0001140361-25-007934

    Mar 11, 2025

    1y ago

    View on EDGAR ↗
  • S-8 POS

    S-8 POS

    Accession 0001140361-25-007938

    Mar 11, 2025

    1y ago

    View on EDGAR ↗
  • POS AM

    POS AM

    Accession 0001140361-25-007932

    Mar 11, 2025

    1y ago

    View on EDGAR ↗
  • POS AM

    POS AM

    Accession 0001140361-25-007926

    Mar 11, 2025

    1y ago

    View on EDGAR ↗
  • POS AM

    POS AM

    Accession 0001140361-25-007931

    Mar 11, 2025

    1y ago

    View on EDGAR ↗
  • 4

    Statement of changes in beneficial ownership

    Accession 0001953718-25-000001

    Mar 10, 2025

    1y ago

    View on EDGAR ↗
  • 4

    Statement of changes in beneficial ownership

    Accession 0001867889-25-000001

    Mar 10, 2025

    1y ago

    View on EDGAR ↗
  • 8-K

    Entry into a material definitive agreement; Regulation FD disclosure

    Items 1.01, 2.03, 3.02, 7.01, 9.01 · Accession 0001140361-25-006876

    Mar 4, 2025

    1y ago

    View on EDGAR ↗
  • 3

    Initial statement of beneficial ownership

    Accession 0002052296-25-000005

    Jan 17, 2025

    1y ago

    View on EDGAR ↗
  • SC TO-I/A

    SC TO-I/A

    Accession 0001104659-25-003954

    Jan 16, 2025

    1y ago

    View on EDGAR ↗
  • 8-K

    Current report

    Item 5.02 · Accession 0001815849-25-000012

    Jan 14, 2025

    1y ago

    View on EDGAR ↗
  • SC TO-I/A

    SC TO-I/A

    Accession 0001104659-25-002080

    Jan 8, 2025

    1y ago

    View on EDGAR ↗
  • 8-K

    Current report

    Item 2.02 · Accession 0001815849-25-000009

    Jan 8, 2025

    1y ago

    View on EDGAR ↗
  • SC TO-I/A

    SC TO-I/A

    Accession 0001104659-25-000785

    Jan 3, 2025

    1y ago

    View on EDGAR ↗
  • 8-K

    Current report

    Item 5.02 · Accession 0001815849-24-000066

    Dec 23, 2024

    1y ago

    View on EDGAR ↗
  • SC 13D/A

    SC 13D/A

    Accession 0001193125-24-280592

    Dec 17, 2024

    1y ago

    View on EDGAR ↗
  • SC TO-I

    SC TO-I

    Accession 0001104659-24-129196

    Dec 17, 2024

    1y ago

    View on EDGAR ↗

Pro

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ATI Physical Therapy, Inc.: questions answered

What is ATI Physical Therapy, Inc.?

ATI Physical Therapy, Inc. is a special purpose acquisition company incorporated in Delaware and registered with the SEC under CIK 0001815849. It completed its initial public offering in Aug 2020, raising $345M in gross proceeds. The vehicle is sponsored by Fortress through Fortress Acquisition Sponsor II LLC. The mandate targets financial services, energy transition. Business combination closed; the company trades under a new ticker.

How much does ATI Physical Therapy, Inc. hold in trust?

Approximately $345,007,390, or about $10.00 per public share, as at the most recent filing on record. Trust balances move: shareholders redeem at extension votes and at the combination vote, and sponsors pay contributions in to extend. Treat the figure as a point-in-time disclosure, not a running balance.

When must ATI Physical Therapy, Inc. complete a merger?

No combination deadline appears in the filings we have indexed. The date is stated in the charter and repeated in each quarterly report; where our parser could not establish it with confidence we leave it blank rather than infer one.

What happens if ATI Physical Therapy, Inc. does not find a target in time?

The charter requires the vehicle to redeem 100% of the public shares and return the trust, pro rata, to public shareholders. That is the mechanism working as designed rather than a default. Founder shares and warrants are worthless in that outcome, which is why the sponsor's incentive is to get a deal done or to buy more time. Across the market, deadline lapsed without a deal; trust returned to public shareholders.

Can I redeem shares in ATI Physical Therapy, Inc., and at what price?

Public shareholders may elect to redeem in connection with a combination vote and at each extension vote, at the pro-rata trust value on the relevant record date, most recently disclosed at about $10.00 per share. Redemption is a right attached to the public shares only; warrants and rights carry no claim on the trust. The mechanics and the deadline for electing are set out in the proxy statement for the vote in question.

Is the trust value the same as the share price for ATI Physical Therapy, Inc.?

No. Trust per share is a disclosed, contractual figure: what a redeeming holder receives. The market price is whatever the shares change hands at, which can sit above the trust when a deal is well received or below it when the market doubts one will close. We do not have a current quote for this vehicle, so no spread is shown.

How much dilution do ATI Physical Therapy, Inc.'s founder shares and warrants create?

Each unit also carried one-fifth warrant per unit, which is dilution deferred until exercise. Both are disclosed in the prospectus and both survive into the combined company, which is why a de-SPAC at $10 is not economically the same as an IPO at $10.

Who sponsors ATI Physical Therapy, Inc., and what is their track record?

Fortress Acquisition Sponsor II LLC is the sponsor entity, part of the Fortress franchise. That franchise has launched 6 vehicles in total, of which 2 closed a combination and 3 liquidated, a 40% completion rate on resolved vehicles.

Which banks underwrote the ATI Physical Therapy, Inc. IPO?

Deutsche Bank, Morgan Stanley, BofA Securities. Syndicate membership and role are read from the prospectus cover and the underwriting section.

Is ATI Physical Therapy, Inc. a good investment?

That is not a question this site answers. ATI Physical Therapy, Inc. is covered here as reference data: what the company filed, when it filed it, and what the numbers in those filings say. The Edge, FOMO and Potential scores on this page are derived measures with a published formula, not ratings of investment merit: they describe the setup, and every component is shown so you can take them apart. We publish no price targets and no recommendations, and nothing here should be read as advice. The figures are a starting point for your own work, and each one carries the accession number of the filing it came from.

Where does this ATI Physical Therapy, Inc. data come from?

Filings ATI Physical Therapy, Inc. submitted to the SEC under CIK 0001815849: the registration statement and final prospectus for the structure, quarterly and annual reports for the trust, current reports and proxy statements for deals, votes and extensions. Trust economics are taken from the registrant's own XBRL tags rather than parsed from prose, which is why they are exact. Every filing in the history above is listed with its accession number, which identifies the document uniquely on EDGAR; Pro accounts open it directly from the row.

Compiled by the SPACListing research desk

Last reconciled Oct 31, 2026

Every figure on this page is read from documents the registrants filed with the U.S. Securities and Exchange Commission, principally the IPO prospectus (Form 424B4), quarterly and annual reports, current reports and proxy statements, the registrant's own XBRL tags for trust economics. Nothing is sourced from press coverage, from the companies themselves, or from a third-party aggregator. Where a filing does not disclose something, the field is left blank rather than estimated.

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The context around this vehicle: who else the sponsor has launched, which banks priced it, and where it sits in the wider market.