LOS ANGELES: Forest Road Acquisition Corp. announced the pricing of its upsized initial public offering of 26.1 million units at a price of $10 per unit.
The units are expected to be listed on the New York Stock Exchange (NYSE) and trade under the ticker symbol “FRX.U” beginning 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.
The Forest Road Company, LLC, the managing member of the Company’s sponsor, is a specialty finance platform across media, real estate, and renewable energy tax credit lending as well as film tax credit administration and tax credit brokerage.
Cantor Fitzgerald & Co. is serving as sole bookrunner with Guggenheim Securities acting as co-manager. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,915,000 units at the initial public offering price to cover over-allotments, if any.
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