Beachbody Plans to Merge with a SPAC Company and Myx Fitness
The Beachbody Company Group, LLC said on Wednesday (Feb. 10) that it plans to go public by merging with special purpose acquisition company (SPAC) Forest Road Acquisition Corp. and connected fitness company Myx Fitness Holdings, LLC, according to an announcement.
“We are excited to partner with Forest Road and Myx Fitness, and are humbled by the proven team of executives and industry icons who have stepped forward to support our shared vision,” Beachbody Co-founder, Chairman and CEO Carl Daikeler said in the announcement. “We have seen incredible digital growth in recent years, which was further fueled in 2020 by a structural and lasting shift in how people embrace health and fitness.”
The Beachbody Company, which is based in Santa Monica, will become the parent of Myx, Openfit, and Beachbody On Demand (BOD) upon the closing of the merger. It is anticipated that the transaction will close in Q2 2021 and the combined firm will be listed on the NYSE under the “BODY” ticker symbol.
Forest Road’s board of directors and the board of managers of Beachbody, in addition to Myx, have unanimously given the green light to the deal. Holders representing most of the Beachbody equity interests and most of Myx’s equity interests have inked voting and support agreements consenting to vote for the deal.
