California-based subscription health and wellness company The Beachbody Company (BODi) has entered into a definitive securities purchase agreement with certain institutional investors for the purchase and sale of 543,590 shares of the company’s common stock (or common stock equivalents) at a purchase price of $9.75 per share of common stock (or common stock equivalent) in a registered direct offering. The closing of the offering is expected to occur on or about Dec. 13, 2023, subject to satisfaction of customary closing conditions.
In addition, in a concurrent private placement, the company will issue to the investors warrants to purchase up to 543,590 shares of common stock. The warrants have an exercise price of $11.24 per share, will be exercisable six months following the date of issuance and will have a term of five and one-half years following the date of issuance.
The gross proceeds from this offering are expected to be approximately $5.3 million before deducting placement agent fees and other offering expenses payable by the Company. The company said it intends to use the net proceeds from this offering for general corporate purposes.
