Forest Road Acquisition Corp. soars on Beachbody deal and launch of sister SPAC

Feb. 19, 2021 1:33 PM ETThe Beachbody Company, Inc. (BODY)BODYBy: Jerry Kronenberg, SA News Editor7 Comments
  • Special purpose acquisition company Forest Road Acquisition Corp. (NYSE:FRX) soared more than 40% intraday Friday amid continued enthusiasm for its deal to acquire The Beachbody Company and Myx Fitness, along with word that its founders are launching a second SPAC.
  • FRX rose to as high as $17.33 in morning trading, up 40.7% on the session. Although it later pulled back, the stock was still ahead 25.2% shortly after 1:30 p.m. ET at $15.33 on strong volume.
  • Forest Road was apparently rising partly on word that its founders, former Walt Disney Co. executives Kevin Mayer and Thomas Staggs, plan to raise some $300M through an initial public offering for Forest Road Acquisition Corp. II, their second SPAC.
  • Forest Road Acquisition Corp. II (FRXB) will include the involvement of famed former NBA player Shaquille O'Neal and Martin Luther King III, son of the slain civil-rights leader.
  • FRX has also been rallying ever since announcing plans earlier this month to buy and combine virtual-fitness-class company The Beachbody Company and exercise-bicycle maker Myx Fitness into one company valued at $2.9B.
  • FRX has risen more than 40% since announcing that deal on Feb. 10.

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