Falcon’s Beyond’ has raised more than $100 million in gross proceeds to support Falcon’s Beyond’s growth strategy to deliver extraordinary entertainment experiences through a vast array of products, platforms and IP, which includes the previously-announced and consummated private and strategic investments in the company and its subsidiaries by existing investors since announcement of the Business Combination and proceeds from FAST II’s trust account. In connection with the completion of the Business Combination, the FAST II units, Class A common stock and warrants have ceased trading and been voluntarily delisted from NYSE. The Class A common stock, Series A preferred stock and warrants of Falcon’s Beyond Global Inc., the parent public company resulting from the Business Combination (“PubCo”), will begin trading on Nasdaq under the ticker symbols “FBYD,” “FBYDP” and “FBYDW,” respectively, on October 6, 2023.
The Business Combination was approved at a special meeting of FAST II shareholders on September 26, 2023. Falcon’s Beyond’s Executive Chairman and Co-Founder, Scott Demerau, Falcon’s Beyond’s Chief Executive Officer and Co-Founder, Cecil D. Magpuri, Falcon’s Beyond’s President Simon Philips and the rest of the current management team of Falcon’s Beyond will continue in their roles.
“Listing on Nasdaq is not only a momentous occasion for Falcon’s Beyond, it also enables us to scale globally and continue delivering some of the most innovative entertainment experiences in the world,” said Mr. Demerau. “It was an honor to partner with the exceptional management team at FAST II, and we look forward to their ongoing contributions as members of our Board of Directors. As a publicly traded company, we are well-positioned to continue expanding our IP and leverage critical partnerships, including our joint venture with Meliá Hotels International, our partner that provides critical access to real estate, as well as our joint venture with Raging Power Limited, an arm of K11, the Hong Kong-based cultural commerce giant. This transaction is a game changer for our business as we look to capitalize on significant white space opportunities in front of us.”
“Falcon’s Beyond is excited to close this transformative transaction with FAST II and officially become a publicly traded company on a major U.S. stock exchange,” said Mr. Magpuri. “Now, more than ever, we are poised to deliver extraordinary entertainment experiences and visionary stories through our vast array of products, platforms and IP. As we debut on the public markets, we intend to employ the capital we have raised to continue turning imagined worlds into reality and providing innovative entertainment experiences rooted in renowned IP franchises. On behalf of the entire team, I would like to extend my gratitude to Doug Jacob and the rest of the FAST II team for supporting us on this exciting journey.”
“FAST II is thrilled to have played a key role in taking this entertainment innovator to the public markets,” said Doug Jacob, Founder of FAST II. “Scott, Cecil, Simon and the entire exceptional management team at Falcon’s Beyond continue to execute on their robust growth plans and strategy, which are fueled by partnerships with some of the industry’s leading entertainment brands. I am excited to continue to play a role in this company’s promising growth story by serving on its Board of Directors and having the opportunity to continue to work closely with its leaders.”
To celebrate the completion of the Business Combination, Falcon’s Beyond will be ringing the Opening Bell at Nasdaq at 9:30 a.m. ET on Tuesday, October 10, 2023. A live stream of the event and replay can be accessed by visiting https://livestream.com/accounts/888332/events/10980384.
Board of Directors
The Company further announced today that Simon Philips, President of the Company and accomplished entertainment industry executive, and Ramin Arani, a member of the board of directors of FAST II with decades of experience in fund management and financial operations, are expected to join PubCo’s board of directors (the “Board of Directors”) upon the closing. Following the closing, the Board of Directors will have the following seven members: Scott Demerau, Cecil D. Magpuri, Simon Philips, Jarrett T. Bostwick, Sandy Beall, Doug Jacob, and Ramin Arani. Sandy Beall, Jarrett T. Bostwick and Ramin Arani are expected to serve on the audit committee of the Board of Directors. Sandy Beall and Jarrett T. Bostwick are each expected to serve on the compensation committee and the nominating and corporate governance committee of the Board of Directors.
Advisors
Guggenheim Securities, LLC served as financial advisor to Falcon’s Beyond. Jefferies LLC served as lead financial advisor and capital markets advisor to FAST II. White & Case LLP served as legal advisor to Falcon’s Beyond. Gibson, Dunn & Crutcher LLP served as legal advisor to FAST II. Paul Hastings LLP served as legal advisor to Jefferies LLC.