- Fortress Transportation and Infrastructure Investors (NASDAQ:FTAI) subsidiaries FTAI Infrastructure and Transtar entered into subscription agreements with entities related to Ares Management.
- Post the agreements, FTAI Infrastructure agreed to sell to the subscriber 300K shares of newly-created Series A Senior Preferred Stock, warrants to purchase 3.3M shares of FTAI Infrastructure at an exercise price of $10/share.
- Also, warrants representing the right to purchase 3.34M shares at an exercise price of $0.01/share for $300M net of an amount equal to $9M.
- FTAI Infrastructure plans to distribute the net proceeds from the subscription to the company in relation to the spin-off.
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