Forest Road Acquisition (NYSE:FRX) stock is on the rise today following news that a second special purpose acquisition company (SPAC) is in the works.
Recent reports claim that the SPAC’s creators, Kevin Mayer and Thomas Staggs, are planning to launch a second SPAC. The sources say that these former Disney (NYSE:DIS) executives are also bringing in Shaquille O’Neal and Martin Luther King III to work at the company.
If the reports are true, then Mayer and Staggs will serve as co-CEOs of the company. They are looking to raise some $300 million for the new Forest Road Acquisition SPAC via an initial public offering (IPO), reports Reuters.
It looks like the talk of another SPAC from these two is behind the positive movement for FRX stock today. The increased interest in the company is resulting in heavy trading with some 12 million shares changing hands. That’s a mighty leap over the 1.55 million shares traded on average per day.
Forest Road Acquisition broke into the news earlier this month after announcing plans for a SPAC merger. This has the company preparing to combine with Beachbody and Myx Fitness in a three-way merger. Investors that want to know more about that deal can follow this link for all the details.
FRX stock was up 24.3% as of Friday morning and is up 45.6% since the start of the year.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.