Forest Road Acquisition Corp. Announces Effectiveness of Registration Statement and Special Meeting Date for Proposed Business Combination with The Beachbody Company and Myx Fitness
Forest Road Acquisition Corp. (NYSE: FRX) announced the SEC has declared effective its Registration Statement for a Special Meeting to consider the business combination with The Beachbody Company and Myx Fitness. Scheduled for June 24, 2021, the meeting will allow stockholders to vote on the merger and related proposals. Beachbody, with over 2.7 million subscribers and projected revenue exceeding $1 billion in 2021, has shown strong growth through new product launches and partnerships. If approved, the merger will result in a name change to The Beachbody Company, Inc., and a shift in stock symbols to 'BODY' and 'BODY WS'.
- Projected revenue exceeding $1 billion for Beachbody in 2021.
- Strong customer engagement and revenue growth reported in Q1.
- Recent successful product launches like 'Let's Get Up!' achieving one million streams in a month.
- Partnership with LA Fitness to enhance market reach.
- Appointment of new chief strategy officer to strengthen management.
- None.
Forest Road Acquisition Corp. (NYSE: FRX) (“Forest Road”), today announced that the U.S. Securities and Exchange Commission (“SEC”) has declared effective its Registration Statement on Form S-4 (as amended, the “Registration Statement”), which includes a definitive proxy statement/prospectus in connection with Forest Road’s special meeting of stockholders (the “Special Meeting”). At the Special Meeting stockholders of Forest Road will consider the previously announced proposed business combination with The Beachbody Company Group, LLC (“Beachbody”), a leader in subscription health and wellness that offers comprehensive digital streaming fitness and nutrition solutions, and Myx Fitness Holdings, LLC (“Myx Fitness”) an at-home connected fitness platform. Forest Road has set a record date of May 6, 2021 (the “Record Date”) and a meeting date of June 24, 2021 for its Special Meeting.
“As consumer focus on health and wellness continues to grow, Beachbody’s complete, subscription-based fitness and nutrition offering has never been more relevant. Our strong revenue growth and record levels of customer engagement in the first quarter demonstrate the underlying momentum in our business as we expand Beachbody’s offering and further solidify our position as a leading subscription health and wellness company,” said Carl Daikeler, Beachbody’s co-founder, Chairman and Chief Executive Officer.
“Building on our strong start to the year, we recently launched Let’s Get Up! with Shaun T, which reached one million streamed views in one month, announced a partnership with LA Fitness to provide LA Fitness members the ability to add an Openfit subscription to their existing membership, and announced BODi, a new live interactive content platform. We also are bolstering our management team with the appointment of Kathy Vrabeck to the newly created role of chief strategy officer,” continued Daikeler. “In the coming months, we have a number of exciting product launches and partnership announcements that highlight the strong engagement and demand seen over the past several years. With the continued acceleration of digital at-home fitness, we are well positioned to unlock additional value following the close of our planned merger and will be poised to invest the proceeds of the transaction to advance future growth.”
Forest Road Stockholder Vote
Forest Road’s stockholders of record at the close of business on May 6, 2021 are entitled to vote the shares of common stock of Forest Road owned by them at the Special Meeting and at any adjournment or postponement thereof. At the Special Meeting, stockholders will be asked to approve and adopt the business combination, and such other proposals as disclosed in the definitive proxy statement/prospectus included in the Registration Statement. If the business combination is approved by Forest Road stockholders, Forest Road anticipates closing the business combination shortly after the Special Meeting, subject to the satisfaction or waiver (as applicable) of all other closing conditions.
The Special Meeting will take place at 10:00 a.m., Eastern Time, on June 24, 2021 virtually at the following address: https://www.cstproxy.com/forestroadacquisition/sm2021. Forest Road stockholders entitled to vote at the Special Meeting will need the 12-digit meeting control number that is printed on their respective proxy cards to enter the Special Meeting. Forest Road recommends that its stockholders wishing to vote at the Special Meeting log in at least 15 minutes before the Special Meeting starts. Please note that Forest Road stockholders will not be able to attend the Special Meeting in person. Forest Road encourages its stockholders entitled to vote at the Special Meeting to vote their shares via proxy in advance of the Special Meeting by following the instructions on the proxy card.
In connection with the Special Meeting, Forest Road’s stockholders that wish to exercise their redemption rights must do so no later than 5:00 p.m. Eastern Time on June 22, 2021. There is no requirement that stockholders affirmatively vote for or against the business combination at the Special Meeting in order to redeem their shares for cash.
As announced previously, upon the effectiveness of the business combination, Forest Road will change its name to “The Beachbody Company, Inc.” and its common stock and warrants are expected to be traded on the New York Stock Exchange under the new symbols “BODY” and “BODY WS”, respectively. At the closing of the business combination, each Forest Road unit will separate into its components consisting of one share of Forest Road common stock and one-third of one warrant and, as a result, will no longer trade as a separate security.
About The Beachbody Company Group, LLC
Headquartered in Santa Monica, Beachbody is a worldwide leader in health and fitness, with a 22-year track record of creating innovative content and powerful brands. With 2.7 million paid digital fitness subscribers across two platforms, a nationwide peer-support system of over 400,000 influencers and coaches as of March 31, 2021, plus a premium portfolio of branded nutrition products, Beachbody is a leading holistic health and wellness company with over
About Myx Fitness Holdings, LLC
Myx delivers a revolutionary and personalized solution for its members to make connected fitness part of their daily lives. The brand's cornerstone products, The MYX and The MYX Plus, offer professional-quality equipment at an affordable price, hundreds of on-demand classes, combined with expert coaching on a digital platform, designed to improve endurance, strength, mobility and flexibility. Using science-backed methods, Myx utilizes proprietary heart rate technology and cross-training, brought to life through positive coaching, to deliver lasting results. Myx is available starting at
About Forest Road Acquisition Corp.
Forest Road Acquisition Corp., a blank check company 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, raised
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