Beachbody goes public through SPAC
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Beachbody Company Inc. swung between gains and losses Monday after going public through a special purpose acquisition company, or SPAC.
Shares of the Beverly Hills, California-based in-home fitness and weight loss solutions provider opened for trading at $13.15 apiece after the merger with Forest Road Acquisition Corp. closed at $12 a share on Friday.
The stock, which trades on the New York Stock Exchange under the ticker BODY, has fluctuated in a range between $11.74 and $13.50. The company has a market capitalization of about $480 million, according to Refinitiv.
Beachbody went public via a three-way business combination with Peloton competitor Myx Fitness Holdings and Forest Acquisition Corp., a SPAC backed by NBA hall of Famer Shaquille O’Neal.
"With this transaction, we will deploy capital to grow our platform, add connected fitness hardware through the acquisition of Myx and continue to create the most exciting and innovative in-home fitness content," Beachbody CEO Carl Daikeler said in a statement.
The combination positions Beachbody to deliver growth through customer acquisition, international expansion and the opportunity to pursue mergers and acquisitions.
Combined results for Beachbody and Myx show total revenue rose 43% year over year to $243.3 million in the quarter ended March 31.
The company has 3.2 million subscribers and a 95.8% retention rate. There were a total of 56.9 million streams during the quarter.
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