- The stock price of Forest Road Acquisition Corp (NYSE: FRX) is trading at over 20% intraday today. This is why it happened.
The stock price of special purpose acquisition company (SPAC) Forest Road Acquisition Corp (NYSE: FRX) is trading at over 20% intraday today as it went from a previous close of $14.05 to a day high of $18.20 despite a broader market selloff. This is a continuation of momentum as the stock price is up over 40% since February 18.
And the stock price has been seeing some momentum ever since a deal to buy The Beachbody Company and Myx Fitness was announced earlier this month as part of a $2.9 billion deal. Plus there was more momentum when it was revealed that the Forest Road founders are working on launching another SPAC, according to Seeking Alpha. Forest Roader founders and former Walt Disney executives Kevin Mayer and Thomas Staggs are reportedly planning to raise about $300 million through an IPO for its second SPAC Forest Road Acquisition Corp. II.
Shaquille O’Neal (former NBA player) and Martin Luther King III (son of the well-known civil rights leader) will be involved in Forest Road Acquisition Corp. II.
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