Forest Road Acquisition, a blank check company formed by Forest Road targeting TMT businesses, raised $261 million by offering 26.1 million units at $10. The company offered 1.1 million more units than anticipated. Each unit consists of one share of common stock and one-third of a warrant, exercisable $11.50.
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 Staggs, Kevin 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 plans to list on the NYSE under the symbol FRX.U. Cantor Fitzgerald acted as a lead manager on the deal.
