Former Disney Executive Kevin Mayer’s New SPAC Raises $350 Million

Sean Burch
·1-min read

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.

Also Read: Kevin Mayer, Tom Staggs and Shaquille O'Neal Team for Second SPAC

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.

For more details on the 10 tech and media-focused SPACs to keep an eye on right now, click here.

Read original story Former Disney Executive Kevin Mayer’s New SPAC Raises $350 Million At TheWrap