Fortress Value Acquisition Corp. III announced that it has issued an unsecured promissory note for gross proceeds of $650,000 on April 11, 2022. The transaction will include participation from existing investor Fortress Acquisition Sponsor III LLC.

The note doesn't bear an interest rate and is repayable in full upon the earlier to occur the consummation of company's initial business combination or winding up of the company. The note also provides that all or any portion of the note may be converted into a number of warrants, at a price of $1.50 per warrant, at option of sponsor. The note was issued pursuant to exemption from registration contained in section 4(a)(2) of securities act of 1933.