Forest Road Acquisition Corp. II, the latest SPAC spearheaded by former Disney streaming boss Kevin Mayer and ex-Disney COO Tom Staggs, has raised $350 million during its initial public offering.
The upsized IPO comes after FRAC II initially aimed to raise $300 million. The SPAC started trading on the New York Stock Exchange on Wednesday under the ticker symbol FRXB.U. Shares were priced at $10 per share to start, and after a 3% jump on Friday, closed the week at $10.40 per share.
It intends to “concentrate its search for a target business operating in the technology, media, telecommunications and consumer space,” according to an announcement earlier this week. Both Mayer and Staggs are serving as co-CEOs and co-chairmen.
And if this sounds familiar, that’s because you may be thinking of Forest Road Acquisition Corp. I, the other tech-oriented SPAC led by Mayer and Staggs that raised $300 million when it debuted in February. The SPAC announced a three-way merger with Beacbody and Myrx Fitness, two exercise-oriented companies, last month that values the combined companies at $2.9 billion. Former NBA superstar Shaquille O’Neal is also serving as a special advisor for both SPACs.
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