Why Forest Road Acquisition Stock Jumped Today
Shares of special purpose acquisition company (SPAC) Forest Road Acquisition (NYSE: FRX) soared over 40% on Friday morning before settling to a gain of 25% as of 11:55 a.m. EST. 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. Other well-known names associated with the SPAC are strategic advisor Shaquille O'Neal and independent director Martin Luther King III.
Source Fool.com
