We intend to focus on acquisition candidates that have either recently emerged from bankruptcy court protection or will require incremental capital as part of a balance sheet restructuring within the broad natural resources industry. We will search for companies in this category that have aggregate enterprise values between $750 million and $2 billion.

(Arena Fortify Acquisition Corp. priced its SPAC IPO on Nov. 9, 2021, in sync with the recently trimmed terms in its prospectus: 15 million units at $10 each to raise $150 million. Arena Fortify Acquisition Corp. had downsized its SPAC IPO to 15 million units, down from 20 million units, in an S-1/A filing in early October 2021.)