The Beachbody Company, LLC (“Beachbody”), a leading subscription
health and wellness company, today announced that Beachbody’s
management team is participating in the 16th Annual Needham Virtual
Technology & Media Conference on Wednesday, May 19, 2021.
Beachbody’s Co-Founder, Chairman and Chief Executive Officer,
Carl Daikeler, and President and Chief Financial Officer, Sue
Collyns are scheduled to participate in a fireside chat at 12:45
p.m. Eastern Time. A live webcast of the fireside chat will be
available at https://thebeachbodycompany.com/investors or Beachbody
| Needham Webcast.
On February 10, 2021, The Beachbody Company announced its
intention to become a public company by entering into a definitive
three-way merger agreement with Forest Road Acquisition Corp.
(NYSE: FRX), a publicly traded special purpose acquisition company,
and Myx Fitness Holdings, LLC, an at-home connected fitness
platform featuring an industry leading bike and home studio.
Beachbody continues to expect the three-way merger to close in the
second quarter of 2021. The combined company will be listed on the
NYSE under a new ticker symbol, “BODY”.
About The Beachbody Company
Headquartered in Santa Monica, The Beachbody Company is a
worldwide leader in health and fitness, with a 22-year track record
of creating innovative content and powerful brands. With 2.6
million paid digital fitness subscribers across two platforms, a
nationwide peer-support system of over 400,000 influencers and
coaches as of December 2020, plus a premium portfolio of branded
nutrition products, Beachbody is a leading holistic health and
wellness company with over $1 billion in revenue projected in 2021.
The Beachbody Company, the parent company to the Beachbody On
Demand platform and the fast-growing DTC platform Openfit, recently
entered into a pending three-way merger agreement with Forest Road
Acquisition Corp. (FRX), a publicly traded special purpose
acquisition company, and MYX Fitness Holdings LLC (Myx), an at-home
connected fitness platform, that will make it a public company. For
more information, please visit TheBeachbodyCompany.com.
About Myx Fitness
Myx Fitness delivers a revolutionary and personalized solution
for its members to make connected fitness part of their daily
lives. The brand's cornerstone products, The MYX and The MYX Plus,
offer professional-quality equipment at an affordable price,
hundreds of on-demand classes, combined with expert coaching on a
digital platform, designed to improve endurance, strength, mobility
and flexibility. Using science-backed methods, Myx Fitness utilizes
proprietary heart rate technology and cross-training, brought to
life through positive coaching, to deliver lasting results. Myx
Fitness is available starting at $1,299 with delivery nationwide in
approximately one to three weeks depending on location and
scheduling availability.
About Forest Road Acquisition Corp.
Forest Road Acquisition Corp., a blank check company formed for
the purpose of effecting a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business
combination with one or more businesses, raised $300 million in
November 2020 and its securities are listed on the NYSE under the
tickers “FRX,” “FRX.U” and “FRX WS.” The Forest Road team includes
three former Disney senior executives — Tom Staggs, director and
Chairperson of the Strategic Advisory Committee, Kevin Mayer,
strategic advisor and Salil Mehta, Chief Financial Officer — and is
strengthened by the strategic connectivity and deal-making
expertise of directors, officers and strategic advisors like
Shaquille O'Neal, Peter Schlessel, Keith Horn, Sheila Stamps,
Teresa Miles Walsh and Martin Luther King III. For more
information, please visit https://www.spacroadone.com/.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of the federal securities laws with respect to
the proposed transaction between Beachbody and Forest Road,
including statements regarding the anticipated benefits of the
transaction, the anticipated timing of the transaction, future
financial condition and performance of Beachbody and expected
financial impacts of the transaction (including future revenue, pro
forma equity value and cash balance), the satisfaction of closing
conditions to the transaction, the PIPE transaction, the level of
redemptions of FRX’s public stockholders and the products and
markets and expected future performance and market opportunities of
Beachbody. These forward-looking statements generally are
identified by the words "believe," "project," "expect,"
"anticipate," "estimate," "intend," "strategy," "future,"
"opportunity," "plan," "may," "should," "will," "would," "will be,"
"will continue," "will likely result" and similar expressions.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, including but not limited to: (i) the risk that the
transaction may not be completed in a timely manner or at all,
which may adversely affect the price of FRX’s securities, (ii) the
risk that the transaction may not be completed by FRX’s business
combination deadline and the potential failure to obtain an
extension of the business combination deadline if sought by FRX,
(iii) the failure to satisfy the conditions to the consummation of
the transaction, including the approval of the merger agreement by
the stockholders of FRX, the satisfaction of the minimum trust
account amount following any redemptions by FRX’s public
stockholders and the receipt of certain governmental and regulatory
approvals, (iv) the lack of a third party valuation in determining
whether or not to pursue the proposed transaction, (v) the
inability to complete the PIPE transaction, (vi) the occurrence of
any event, change or other circumstance that could give rise to the
termination of the merger agreement, (vii) the effect of the
announcement or pendency of the transaction on Beachbody’s business
relationships, operating results, and business generally, (viii)
risks that the proposed transaction disrupts current plans and
operations of Beachbody, (ix) the outcome of any legal proceedings
that may be instituted against Beachbody or against FRX related to
the merger agreement or the proposed transaction, (x) the ability
to maintain the listing of FRX’s securities on a national
securities exchange, (xi) changes in the competitive and regulated
industries in which Beachbody and Myx operate, variations in
operating performance across competitors, changes in laws and
regulations affecting the business of Beachbody and Myx and changes
in the combined capital structure, (xii) the ability to implement
business plans, forecasts, and other expectations after the
completion of the proposed transaction, and identify and realize
additional opportunities, (xiii) the risk of downturns and a
changing regulatory landscape in the highly competitive residential
real estate industry, and (ix) costs related to the transaction and
the failure to realize anticipated benefits of the transaction or
to realize estimated pro forma results and underlying assumptions,
including with respect to estimated shareholder redemptions. The
foregoing list of factors is not exhaustive. You should carefully
consider the foregoing factors and the other risks and
uncertainties described in the "Risk Factors" section of the
registration statement on Form S-4 discussed below and other
documents filed by FRX from time to time with the SEC. These
filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and Beachbody and FRX assume no obligation and do not
intend to update or revise these forward-looking statements,
whether as a result of new information, future events or otherwise.
None of Beachbody, Myx or FRX gives any assurance that Beachbody,
Myx or FRX, or the combined company, will achieve its
expectations.
Important Information and Where to Find It
This press release relates to a proposed transaction among The
Beachbody Company, Forest Road Acquisition Corp., and Myx Fitness.
This press release does not constitute an offer to sell or
exchange, or the solicitation of an offer to buy or exchange, any
securities, nor shall there be any sale of securities in any
jurisdiction in which such offer, sale or exchange would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. FRX intends to file a
registration statement on Form S-4 with the SEC, which will include
a document that serves as a prospectus and proxy statement of FRX,
referred to as a proxy statement/prospectus. A proxy
statement/prospectus will be sent to all FRX shareholders. FRX also
will file other documents regarding the proposed transaction with
the SEC. Before making any voting decision, investors and security
holders of FRX are urged to read the registration statement, the
proxy statement/prospectus and all other relevant documents filed
or that will be filed with the SEC in connection with the proposed
transaction as they become available because they will contain
important information about the proposed transaction.
Investors and security holders will be able to obtain free
copies of the registration statement, the proxy
statement/prospectus and all other relevant documents filed or that
will be filed with the SEC by FRX through the website maintained by
the SEC at www.sec.gov.
Participants in the Solicitation
FRX and its directors and executive officers may be deemed to be
participants in the solicitation of proxies from FRX’s shareholders
in connection with the proposed transaction. A list of the names of
such directors and executive officers and information regarding
their interests in the business combination will be contained in
the proxy statement/prospectus when available. You may obtain free
copies of these documents as described in the preceding
paragraph.
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version on businesswire.com: https://www.businesswire.com/news/home/20210518006217/en/
Investors For the Beachbody Company: ICR -
Beachbody@icrinc.com For Forest Road: ir@forestroadco.com
Media For The Beachbody Company: ICR -
BeachbodyPR@icrinc.com For Forest Road: media@forestroadco.com
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