HyperloopTT to Become First Public Company Focused on the Next Generation of High-Speed Mobility
Summary
Upon the closing of the transaction, the newly combined company will be named “ Hyperloop Transportation Technologies and will continue to be led by Chief Executive Officer Andrés de León and the HyperloopTT management team. With the deployment of the Company’s test track, HyperloopTT has built a robust technology portfolio relating to patents across levitation and propulsion, low pressure tube transportation, and passenger experience. These patents are the basis of a technology that combines sustainability with the ability to reach destinations faster, which can redefine the urban landscape, create new economic opportunities, and disrupt the $2+ trillion transportation industry. We believe their technology has the opportunity to create meaningful shareholder value and positively impact our world.” HyperloopTT is actively engaged in providing the European Commission and the U.S. Department of Transportation (USDOT) with a critical technical understanding of hyperloop systems. Forest Road Acquisition Corp. II, a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses, raised $350 million in March 2021 and its securities are listed on the NYSE under the tickers “FRXB” and “FRXB WS.” The Forest Road team includes two former Disney senior executives — Tom Staggs, Co-CEO and Co-Chairperson of the Board of Directors, Kevin Mayer, Co-CEO and Co-Chairperson of the Board of Directors — and is strengthened by the strategic connectivity and deal-making expertise of directors, officers, and strategic advisors like Shaquille ONeal, Salil Mehta, Rick Hess, Harlan Cherniak, Keith Horn, Sheila Stamps, Martin Luther King III, Zachary Tarica, Idan Shani, and Jeremy Tarica.