Item 1.02. Termination of a Material Definitive Agreement.
As previously disclosed, on November 21, 2022, Forest Road Acquisition Corp. II,
a Delaware corporation (the "Company"), entered into an Agreement and Plan of
Merger (the "Merger Agreement") with Ariel Merger Sub I, Inc., a Delaware
corporation and direct, wholly-owned subsidiary of the Company ("Merger Sub I"),
Ariel Merger Sub II, LLC, a Delaware limited liability company and direct,
wholly-owned subsidiary of the Company ("Merger Sub II"), and Hyperloop
Transportation Technologies, Inc. ("HyperloopTT"), a Delaware corporation.
On February 3, 2023, by mutual agreement, the parties entered into a termination
agreement (the "Termination Agreement") to terminate the Merger Agreement
pursuant to Section 10.01(a) thereof. Except as otherwise set forth in the
Merger Agreement, none of parties shall have any further liability thereunder.
Upon termination of the Merger Agreement, the Sponsor Agreement (as defined in
the Merger Agreement) and the Company Support Agreement (as defined in the
Merger Agreement) terminated pursuant to their terms.
The foregoing summary of the Termination Agreement is qualified in its entirety
by the text of the Termination Agreement, a copy of which is attached as Exhibit
10.1 hereto and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
The following exhibit is filed herewith:
Exhibit No. Description of Exhibits
10.1 Termination Agreement, dated February 3, 2023, by and among Forest
Road Acquisition Corp. II, Ariel Merger Sub I, Inc., Ariel Merger Sub
II, LLC and Hyperloop Transportation Technologies, Inc.
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