Brief: Forest Road Acquisition Corp Ii and Hyperloop Transportation Technologies Entered Merger Agreement

Forest Road Acquisition II

22/11/2022 12:22

Nov 22 (Reuters) - Forest Road Acquisition Corp II
 FRXB.N :
    * FOREST ROAD ACQUISITION CORP II - HYPERLOOP TRANSPORTATION
TECHNOLOGIES ENTERED MERGER AGREEMENT WITH CO, TO TRADE UNDER
TICKER "HYPE" UPON CLOSING
    * FOREST ROAD ACQUISITION CORP II - ISSUANCE OF $289 MILLION
OF
COMMON STOCK TO SHAREHOLDERS, CONVERTIBLE NOTE HOLDERS OF
HYPERLOOPTT AT DEAL CLOSE
    * FOREST ROAD ACQUISITION CORP II - COMBINED COMPANY WILL
ASSUME
OUTSTANDING OPTIONS AND WARRANTS OF HYPERLOOPTT
    * FOREST ROAD ACQUISITION CORP II - HYPERLOOPTT EXPECTS TO
RECEIVE
UP TO $330 MILLION OF NET PROCEEDS, ASSUMING NO REDEMPTIONS
    * FOREST ROAD ACQUISITION CORP II - UPON CLOSING OF
TRANSACTION,
NEWLY COMBINED COMPANY WILL BE NAMED "HYPERLOOP TRANSPORTATION
TECHNOLOGIES''
    * FOREST ROAD ACQUISITION CORP II - NEWLY COMBINED COMPANY
WILL
CONTINUE TO BE LED BY ANDRÉS DE LEÓN AND HYPERLOOPTT MANAGEMENT
TEAM
    * FOREST ROAD ACQUISITION CORP II - DEAL  ASCRIBES TO
HYPERLOOPTT
PRE-MONEY EQUITY VALUE OF ABOUT $600 MILLION, INCLUDING
OUTSTANDING OPTIONS AND WARRANTS

Source text for Eikon:  ID:nBw77xsL4a 
Further company coverage:  FRXB.N 
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