Forest Road Acquisition Corp. II Announces Closing of Upsized $350,000,000 Initial Public Offering
March 12 2021 - 12:43PM
Business Wire
Forest Road Acquisition Corp. II (the “Company”) announced today
the closing of its upsized initial public offering of 35,000,000
units at a price to the public of $10.00 per unit, which includes
an exercise of the underwriters' option to purchase 4,500,000
additional units. The offering resulted in gross proceeds to the
Company of $350,000,000.
The Company’s units began trading on the New York Stock Exchange
(the “NYSE”) under the ticker symbol "FRXB.U" on March 10, 2021.
Each unit consists of one share of Class A common stock and
one-fifth 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
“FRXB” and “FRXB 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, telecommunications, and consumer space.
The Company is led by Thomas Staggs and Kevin Mayer who both
serve as Co-Chief Executive Officer and Co-Chairperson of the
Board. Zachary Tarica serves as Chief Operating Officer of the
Company, Idan Shani as Chief Financial Officer, and Jeremy Tarica
as Chief Investment Officer. The team also includes strategic
advisors Shaquille O’Neal, Sheila A. Stamps, Rick Hess, and Harlan
Cherniak, as well as independent directors Martin Luther King III,
Salil Mehta, and Keith L. Horn.
The Forest Road Company, LLC, an affiliate 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.
Morgan Stanley and Cantor Fitzgerald & Co. served as joint
book-running managers and Guggenheim Securities served 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, $350,000,000 was
placed in the Company’s trust account. An audited balance sheet of
the Company as of March 12, 2021 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 is being made only by means of a prospectus, copies
of which may be obtained by contacting Morgan Stanley & Co.
LLC, Attn: Prospectus Department, 180 Varick, 2nd Floor, New York,
New York 10014, or 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 March 9, 2021. 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 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210312005456/en/
For Media: Jaclyn Fershtman media@forestroadco.com
For Investors: Jeremy Tarica jeremy@forestroadco.com
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