A SPAC Earnings Disaster Has Advent Facing $800 Million Loss
- ATI Physical Therapy shares have plunged 54% in two days
- Fortress also faces losses of $54 million after results miss
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It’s exactly what skeptics of the boom in special purpose acquisition companies have been warning about.
ATI Physical Therapy Inc., in its earnings debut as a public company following a merger with a blank-check firm, revised its revenue projections sharply lower and disclosed larger-than-expected staff turnover. But the surprises for its investors, none bigger than private equity firm Advent International, went far beyond that.