Forest Road Acquisition II, the second blank check company formed by Forest Road targeting TMT businesses, filed on Thursday with the SEC to raise up to $300 million in an initial public offering.
The New York, NY-based company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable $11.50. At the proposed price, Forest Road Acquisition II would command a market value of $375 million.
The company is led by Co-CEOs and Co-Chairmen Thomas Staggs and Kevin Mayer, who are former Walt Disney executives. Staggs currently serves as the Executive Chairman of Bertsch Industries and Vejo, while Mayer is a Senior Advisor to Access Industries and briefly served as CEO of TikTok in 2020. Forest Road's previous SPAC, Forest Road Acquisition (FRX; +23% from $10 offer price), raised $261 million in November 2020 and is pending an acquisition of The Beachbody Company.
Forest Road Acquisition II plans to target the TMT industry, with specific focus on the new audience aggregation platforms transforming the TMT landscape, premium intellectual property driving significant value expansion, and other broad themes.
Forest Road Acquisition II was founded in 2020 and plans to list on the NYSE under the symbol FRXB.U. It filed confidentially on January 15, 2021. Morgan Stanley and Cantor Fitzgerald are the joint bookrunners on the deal.
