Beachbody Raises 5.3 Million in Registered Direct Offering
EL SEGUNDO, Calif., December 11, 2023 --
The Beachbody Company, Inc. agreed to sell 543,590 shares of common stock or equivalents to institutional investors at 9.75 dollars per share in a registered direct offering, for gross proceeds of about 5.3 million dollars before fees and expenses. Closing was expected on or about December 13, 2023.
In a concurrent private placement, the company agreed to issue warrants to buy up to 543,590 additional shares at 11.24 dollars per share, exercisable six months after issuance and expiring five and a half years after issuance. A related Form 8-K said the offering included 420,769 shares and pre-funded warrants for up to 122,821 shares, sold under a shelf registration declared effective in October 2023.
Roth Capital Partners acted as exclusive placement agent. Beachbody said it would use the net proceeds for general corporate purposes.
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