Renaissance Capital logo

The Forest Road Company's SPAC Forest Road Acquisition files for a $250 million IPO

October 8, 2020
FRX.U

Forest Road Acquisition, a blank check company formed by Forest Road targeting TMT businesses, filed on Thursday with the SEC to raise up to $250 million in an initial public offering.

The New York, NY-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable $11.50. At the proposed price, Forest Road Acquisition would command a market value of $313 million. 

The company is led by CEO and Director Keith Horn, founder and managing member of investment advisory firm Loring Capital Advisors, and Chairman and CIO Zachary Tarica, founder and CEO of specialty financing firm Forest Road. Other notable leadership members of Forest Road Acquisition include Martin Luther King Jr.'s eldest son Martin Luther King III, who will serve as a Director for the company, and NBA all-star Shaquille O'Neal, who will serve on the Strategic Advisory Committee. The management team is further bolstered by three former Disney Executives: Thomas StaggsKevin Mayer and Salil Mehta.

Forest Road Acquisition 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 was founded in 2020 and plans to list on the NYSE under the symbol FRX.U. Cantor Fitzgerald is the sole bookrunner on the deal.