Forest Road’s Shareholders Approve Company Blend
1 min readShareholders of Forest Road Acquisition (FRX) have authorised the previously declared 3-way business combination with The Beachbody Corporation Group and Myx Exercise Holdings. The deal is expected to shut on June 25.
At a unique meeting, 58.5% of Forest Road’s shareholders voted on the issue, with about 99.5% of the votes in favor of the deal.
Post completion of the offer, the combined corporation will be named The Beachbody Company, Inc., and its common inventory is anticipated to trade on the NYSE beneath the new ticker symbol “BODY” from June 28.. (See Forest Highway inventory chart on TipRanks)
CEO of Forest Road Keith Horn stated, “We appear ahead to supporting Beachbody as it furthers this mission as a general public company, introducing lots of extra people to its demonstrated, at-residence health and fitness and nourishment solutions.”
D.A. Davidson analyst Linda Bolton Weiser a short while ago initiated coverage of the inventory with a Acquire score and a rate goal of $14.50 (25% upside potential).
Weiser thinks that the company’s total wellness tactic and wellness remedy, together with its goal to improve revenue at a CAGR of 30% by 2025 are tailwinds.
Consensus among analysts is a Reasonable Buy centered on 1 Get and 1 Hold. The average Forest Street analyst selling price goal of $12.75 indicates upside likely of 10.6% from present-day amounts.
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