Forest Road Acquisition Corp. (NYSE:FRX) announced in a press release that its shareholders approved its combination with consumer fitness firms the Beachbody Company and Myx Fitness Holdings at a special meeting earlier today.
The press release did not disclose redemption numbers, but FRX reached $10.05 on its redemption deadline June 22, and climbed 9.26% to $11.33 today following the announcement. Approximately 99.5% of the votes cast at the meeting voted in approval of the business combination and holders of approximately 58.5% of Forest Road’s issued and outstanding shares cast votes at the meeting.
The transaction is expected to close tomorrow on June 25, and the combined entity’s shares and warrants will start trading on the NYSE under the new symbols “BODY” and “BODY.WS”, respectively, on June 28.
The parties initially announced the $2.9 billion deal on February 10 and has garnered attention from several public figures including basketball star Shaquille O’Neal, Martin Luther King III, and three former Disney executives. Santa Monica, California-based Beachbody provides nutritional supplements and on-demand workout media content, while Myx Fitness provides fitness bikes connected to digital readouts and classes.
Last month, Forest Road and Beachbody executives presented the deal with a Q&A in a SPACInsider webinar. A replay of the webinar can be viewed HERE.
ADVISORS
- The Raine Group LLC (“Raine”) acted as exclusive financial advisor to Beachbody
- Credit Suisse (USA) LLC (“Credit Suisse”) is acting as lead capital markets advisor to Beachbody
- BofA Securities, Inc. is acting as an additional capital markets advisor to Beachbody
- Latham & Watkins LLP and Cozen O’Connor C.P. are acting as legal advisors to Beachbody
- Credit Suisse is acting as lead placement agent and Raine and Cantor Fitzgerald & Co are acting as placement agents on the private placement
- Guggenheim Securities, LLC is acting as lead financial and capital markets advisor to Forest Road
- Greenhill & Co, LLC is also acting as financial advisor to Forest Road
- Robert W. Baird & Co. Incorporated is acting as an additional capital markets advisor to Forest Road
- Kirkland & Ellis LLP and Ellenoff Grossman & Schole LLP are acting as legal advisors to Forest Road
- Greenberg Traurig, LLP is acting as legal advisor to Myx Fitness
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