Singapore markets closed
  • Straits Times Index

    2,920.30
    -38.33 (-1.30%)
     
  • S&P 500

    3,799.86
    +49.09 (+1.31%)
     
  • Dow

    30,747.63
    +444.46 (+1.47%)
     
  • Nasdaq

    13,390.70
    +120.10 (+0.91%)
     
  • BTC-USD

    32,133.42
    +2,229.57 (+7.46%)
     
  • CMC Crypto 200

    650.76
    +23.10 (+3.68%)
     
  • FTSE 100

    6,536.84
    -30.53 (-0.46%)
     
  • Gold

    1,863.80
    +14.90 (+0.81%)
     
  • Crude Oil

    53.09
    +0.24 (+0.45%)
     
  • 10-Yr Bond

    1.0430
    +0.0290 (+2.86%)
     
  • Nikkei

    28,197.42
    -437.79 (-1.53%)
     
  • Hang Seng

    28,550.77
    -746.76 (-2.55%)
     
  • FTSE Bursa Malaysia

    1,580.62
    +5.31 (+0.34%)
     
  • Jakarta Composite Index

    5,979.39
    -129.78 (-2.12%)
     
  • PSE Index

    6,851.84
    -11.77 (-0.17%)
     

Forest Road Acquisition Corp. Announces Closing of Upsized $300,000,000 Initial Public Offering

·3-min read

Forest Road Acquisition Corp. (the "Company") announced today the closing of its upsized initial public offering of 30,000,000 units at a price to the public of $10.00 per unit, which includes an exercise of the underwriters' option to purchase 3,900,000 additional units. The offering resulted in gross proceeds to the Company of $300 million.

The Company’s units began trading on the New York Stock Exchange (the "NYSE") under the ticker symbol "FRX.U" on November 25, 2020. Each unit consists of one share of Class A common stock and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Only whole warrants are exercisable. Once the securities comprising the units begin trading separately, the Company expects that the shares of Class A common stock and redeemable warrants will be listed on the NYSE under the symbols "FRX" and "FRX WS," respectively.

The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any industry, it currently intends to concentrate its search for a target business operating in the technology, media and telecommunications space.

The Company is led by Keith L. Horn, Chief Executive Officer and Director, Tom Staggs, Chairperson of the Strategic Advisory Committee and Director, Kevin Mayer, Strategic Advisor, Zachary Tarica, Chairperson of the Board of Directors and Chief Investment Officer, Salil Mehta, Chief Financial Officer, and Idan Shani, Chief Operating Officer. The team also includes strategic advisors Mark Burg and Shaquille O'Neal, as well as independent directors Peter Schlessel, Sheila A. Stamps, Teresa Miles Walsh and Martin Luther King III.

Cantor Fitzgerald & Co. served as sole bookrunner with Guggenheim Securities acting as co-manager.

Of the proceeds received from the consummation of the initial public offering, an exercise of underwriters’ over-allotment option and a simultaneous private placement of warrants, $300,000,000 was placed in the Company’s trust account. An audited balance sheet of the Company as of November 30, 2020 reflecting receipt of the proceeds upon consummation of the initial public offering and the private placement will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission (the "SEC").

The offering was made only by means of a prospectus, copies of which may be obtained by contacting Cantor Fitzgerald & Co., Attention Capital Markets, 499 Park Avenue, New York, NY 10022, or by e-mail at prospectus@cantor.com.

Registration statements relating to these securities were declared effective by the SEC on November 24, 2020. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and prospectus for the Company's offering filed with the SEC. Copies of these documents are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201130005762/en/

Contacts

For Media:
Jaclyn Fershtman
jfershtman@forestroadco.com

For Investors:
Jeremy Tarica
jeremy@forestroadco.com