Fortress Value Acquisition Corp. III announced that it has entered into a warrant purchase agreement for a private placement of 5,066,667 pre-paid redeemable warrants at an issue price of $1.50 per warrant for gross proceeds of $7,600,000.50 on January 4, 2021. The transaction involves participation from Fortress Acquisition Sponsor III LLC. Each private placement warrant is exercisable for one share of class A common stock at a price of $11.50 per share. Once the warrants become exercisable, the company may redeem the outstanding warrants for cash.