Team Beachbody
November 21, 2023
EL SEGUNDO, Calif., November 21, 2023 --
The Beachbody Company, Inc. said its board approved a 1-for-50 reverse split of its Class A and Class X common stock, effective November 21, 2023, after stockholders authorized the move at the company's November 20 annual meeting. The Class A shares were set to begin trading on a split-adjusted basis on the New York Stock Exchange on November 22 under the existing symbol BODY with a new CUSIP number.
The split did not change the par value or the number of authorized shares, and outstanding options, restricted stock units and warrants were adjusted accordingly.
Executive Chairman Mark Goldston said the company's turnaround plan was designed to improve profitability, free cash flow and cash on the balance sheet, and that newly identified cuts in fixed costs and capital spending would bring cumulative realized savings under a cost program that began in 2021 to about 165 million dollars by December 31, 2023.