Forest Road Acquisition Corp. II and HyperloopTT Announce Termination of Merger Agreement
Considering the significant time to close the business combination, coupled with prevailing market conditions, both parties decided that terminating the agreement is in the best interest of their respective shareholders and employees.
“While we believe the proposed combination would have accelerated time to market for HyperloopTT’s leading hyperloop technology, we remain committed to the prospects for our company, its transformational transportation technology, and the underlying business opportunity at hand,” said
About HyperloopTT
Hyperloop Transportation Technologies (www.hyperlooptt.com, “HyperloopTT”) is an innovative transportation and technology company focused on realizing the hyperloop, a system that moves people and goods safely, efficiently, and sustainably by bringing airplane speeds to the ground. Through the use of unique, patented technology and a collaborative business model, HyperloopTT is creating a potential new form of transportation.
HyperloopTT’s
Founded in 2013, HyperloopTT is a global network of more than 800 engineers, creatives, and technologists, with 50 corporate and university partners. Headquartered in
HyperloopTT is a proud signatory of the United Nations Global Compact, reflecting the company’s commitment to the UN Sustainable Development Goals.
About
Forward-Looking Statements
This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, many of which are beyond the control of the Company or Forest Road, including those set forth in the Risk Factors section of Forest Road’s registration statement and final prospectus for the initial public offering filed with the
No Offer or Solicitation
This communication shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Business Combination. This communication shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, or an exemption therefrom.
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Source: Hyperloop Transportation Technologies