Forest Road II (NYSE:FRXB) announced in an 8-K filing this morning that it has signed a non-redemption agreement with one more investors, securing 1,000,000 shares through an upcoming extension vote.
In exchange for not redeeming these shares, the investor is to receive 250,000 promote shares (2.8%) and Forest Road II’s sponsor may enact similar agreements with other investors, according to the filing.
The SPAC is heading into a special meeting at 10 am ET March 3 where shareholders are to vote on whether to extend its transaction deadline from March 12 to December 12. Forest Road II’s sponsor has not yet offered a contribution to the SPAC’s trust in connection with the extension and the current redemption rate is approximately $10.13 per share.
The vote comes on the heels of Forest Road II terminating its combination with transportation technology developer HyperloopTT on February 3 citing market conditions.
Forest Road II initially raised a total of $350 million in its March 2021 IPO after the team’s first vehicle announced its combination with fitness media and products company Beachbody (NYSE:BODY).
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