Beachbody
â DelistedTrust Size
$300M
Peak Price
$14.00
Current Price
$0.15
Return
-98.9%
Peak Market Cap
$3.0B
What Happened
Beachbody, the home fitness company endorsed by Shaquille O'Neal, went public via SPAC and promptly collapsed as the COVID fitness boom reversed. The stock fell 99%.
Beachbody went public through a three-way SPAC merger with Forest Road Acquisition Corp and connected fitness company Myx Fitness in June 2021. Celebrity backers included Shaquille O'Neal.
The timing appeared perfect â COVID-19 had driven a massive boom in home fitness, and Beachbody's subscription content (P90X, Insanity, etc.) had seen surging demand. Adding Myx's connected bike seemed to position the company to compete with Peloton.
But the COVID fitness boom was already peaking. As gyms reopened, subscribers churned out of home fitness platforms. Peloton's simultaneous collapse showed this was an industry-wide problem. Beachbody's subscriber base declined quarter after quarter.
The connected bike business (Myx) was a disaster â the company wrote down nearly the entire acquisition value. The stock fell from $14 to $0.15. The company rebranded as BODi and continues to operate at a much-reduced scale.
Key People
Carl Daikeler
CEO & Co-Founder
Built Beachbody over 20+ years before the SPAC
Shaquille O'Neal
Celebrity Backer
Promoted the SPAC, endorsed the merger
Keith Horn
Forest Road SPAC Sponsor
Entertainment industry SPAC creator
Timeline
2021-06-28
Three-way SPAC merger closes
2021-08-01
Stock peaks at $14 on home fitness enthusiasm
2022-03-01
Subscriber decline accelerates as gyms reopen
2022-11-01
Writes down Myx Fitness acquisition
2024-01-01
Rebrands to BODi, stock at $0.15
â Celebrity SPAC
This SPAC featured celebrity involvement â a common pattern during the 2020-2021 mania where famous names lent credibility to blank-check companies.
ð SEC Filings
View all EDGAR filings for Beachbody
Risk Scores
Dilution Score
55/100
Insider Profit Index
50/100