Forest Road Acquisition Corp. [NYSE: FRX] stock went on an upward path that rose over 8.46% on Wednesday, amounting to a one-week price increase of more than 10.09%. The company report on February 11, 2021 that SHAREHOLDER NOTICE: Brodsky & Smith, LLC Announces an Investigation of Forest Road Acquisition Corp. (NYSE:FRX).
Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Forest Road Acquisition Corp. (“Forest Road” or the “Company”) (NYSE:FRX) for possible breaches of fiduciary duty and other violations of federal and state law in connection with a merger agreement pursuant to which Forest Road, a special purpose acquisition company and Myx Fitness Holdings, LLC (“Myx”), an at-home connected fitness platform, will combine with The Beachbody Company Group, LLC (“Beachbody”), and result in Beachbody becoming a publicly-listed company. Under the terms of the agreement, Forest Road shareholders will retain ownership of only 8.8% of the combined company.
The investigation concerns whether the Forest Road Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including the dilution of ownership interest in the combined company.
The market cap for the stock reached $350.10 million, with 30.00 million shares outstanding. Compared to the average trading volume of 171.72K shares, FRX stock reached a trading volume of 12967463 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on Forest Road Acquisition Corp. [FRX]:
The Average True Range (ATR) for Forest Road Acquisition Corp. is set at 0.45
FRX Stock Performance Analysis:
Forest Road Acquisition Corp. [FRX] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 10.09.