|Bid||14.11 x 1800|
|Ask||14.20 x 800|
|Day's Range||13.50 - 15.74|
|52 Week Range||10.25 - 18.20|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
The SPAC announced earlier this month that it was planning a three-way merger with the Beachbody Company and MYX Fitness. Today's news surrounds a filing for an initial public offering to raise $300 million and create Forest Road Acquisition II. Forest Road is led by former Walt Disney (NYSE: DIS) executives Tom Staggs and Kevin Mayer.
Forest Road Acquisition (NYSE:FRX) stock is on the rise today following news that a second special purpose acquisition company (SPAC) is in the works. Source: Shutterstock Recent reports claim that the SPAC’s creators, Kevin Mayer and Thomas Staggs, are planning to launch a second SPAC. The sources say that these former Disney (NYSE:DIS) executives are also bringing in Shaquille O’Neal and Martin Luther King III to work at the company. If the reports are true, then Mayer and Staggs will serve as co-CEOs of the company. They are looking to raise some $300 million for the new Forest Road Acquisition SPAC via an initial public offering (IPO), reports Reuters.InvestorPlace - Stock Market News, Stock Advice & Trading Tips It looks like the talk of another SPAC from these two is behind the positive movement for FRX stock today. The increased interest in the company is resulting in heavy trading with some 12 million shares changing hands. That’s a mighty leap over the 1.55 million shares traded on average per day. 7 Overvalued Stocks Investors Just Don’t Get Tired Of Forest Road Acquisition broke into the news earlier this month after announcing plans for a SPAC merger. This has the company preparing to combine with Beachbody and Myx Fitness in a three-way merger. Investors that want to know more about that deal can follow this link for all the details. FRX stock was up 24.3% as of Friday morning and is up 45.6% since the start of the year. On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG Top Stock Picker Reveals His Next Potential Winner It doesn’t matter if you have $500 in savings or $5 million. Do this now. #1 Play to Profit from Biden's Presidency The post FRX Stock: Why the Forest Road Acquisition SPAC Is Running Higher Today appeared first on InvestorPlace.
A team of former Walt Disney Co (NYSE: DIS) executives are uniting again with NBA Hall of Famer Shaquille O’Neal on a new SPAC that was filed Thursday after market close. The SPAC: Forest Road Acquisition Corp II is seeking to raise $300 million by selling 30 million units. Each unit will include one fifth of a warrant. The company will trade as "FRXBU" on the NYSE as units and as "FRXB" as common stock on the NYSE. The company’s first SPAC Forest Road Acquisition Corp (NYSE: FRX) recently announced a merger with Beachbody and Myx Fitness. The company’s first SPAC raised $300 million and included one third of a warrant with units. The Management Team: O’Neal is a strategic advisor for the SPAC once again. See also: How to Buy Disney Stock The SPAC members include three former executives from Disney. Kevin Mayer was the former Executive Vice President of the internet group, which included ESPN.com. Mayer also helped lead the direct-to-consumer strategy that launched Disney+. Salil Mehta worked at Disney from 1994 to 2008 serving as the former Executive Vice President for the ESPN Enterprises division. Thomas Staggs is the former Chief Financial Officer of Disney from 1998 to 2010. While serving as CFO, Staggs led Disney through acquisitions of Capital Cities/ABC, Pixar and Marvel Entertainment. Staggs served as the Chairman of Walt Disney Parks and Resorts and was a key to the company opening a theme park in Shanghai, China. Related Link: 6 Sports SPACs To Consider For Your Investing Playbook Target Area: Forest Road Acquisition II is seeking a target company in the TMTC (technology, media, telecom, consumer) sector. “We believe that the media and entertainment, lifestyle, fitness, sports and live event industries are undergoing rapid and aggressive technology induced change,” the filing reads. The SPAC group believes its team offers value to a target company in the respective sectors targeted. Items looked at in a target company are simple predictable free cash flow, formidable barriers to entry, well positioned for growth, attractive valuation, strong management and ability to add inorganic growth. Price Action: Shares of Forest Road Acquisition were up 10% to $12.25 on Thursday. Disclosure: The author is long FRXU. See more from BenzingaClick here for options trades from BenzingaShaq SPAC Lands Deal For Beachbody, MyX Fitness To Capture Growth Of At-Home, Connected Fitness Market5 'Celebrity SPACs' To Consider: Shaq, Serena, Steph, A-Rod And Ciara© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.