The Latest SPAC News and Rumors: August 31, 2021
by Marlena Haddad on 2021-08-31 at 11:55am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Sponsor behind Forbes deal says slowdown is ‘healthy’ for the market, Vice Media abandons SPAC talks, and former American Express executive Joan Amble joins Buzzfeed’s Board of Directors


Slowdown in SPAC Issuance Healthy For Markets, Sponsor Behind Forbes Deal Says

A slowdown in issuance by SPACs following a blockbuster start this year is “healthy” for the market and will help sustain the appetite for the investment vehicle going forward, according to the co-founder of L2 Capital Management, a Hong Kong-based private investment firm and blank-check sponsor.

There was a “mismatch” in market dynamics to begin the year, with investors focused on growth stories and placing little focus on valuations, said Jonathan Lin, who also serves as CEO of Magnum Opus Acquisition, a Hong Kong-based SPAC. That has since shifted as investors look for companies set to benefit from a post-Covid-19 recovery and place a greater focus on valuations, he said.

US-listed Magnum Opus (NYSE:OPA) agreed last week to acquire the American publisher of Forbes magazine in a deal that valued the company at US$630 million.

READ

Vice Media Raises $85 Million as Co-Founder Shane Smith Abandons SPAC Talks and Voting Control

Vice Media has ended talks to go public with a SPAC for the time being and raised $85 million from existing investors, according to a Tuesday report in The Information.

The company was hoping to raise money through a merger with a SPAC funded by 7GC & Co. (NASDAQ:VII), but existing investors like James Murdoch’s Lupa Systems and Sixth Street Partners have agreed to invest in the company to help it achieve profitability now.

As part of the fundraising, Vice’s co-founder, Shane Smith, agreed to give up his voting control. He remains chairman of the board.

READ

Joan Amble Joins BuzzFeed’s Board of Directors as Audit Chair

Leading tech-powered media company BuzzFeed announced that Joan Amble has joined its Board of Directors as Audit Chair.

Amble, who previously served as Executive Vice President, Finance, and Comptroller for American Express, will bring decades of finance, accounting and public company experience to BuzzFeed’s Board of Directors and help BuzzFeed navigate a new period of growth as a public company.

READ

Leafly Launches In-App Cannabis Ordering for iPhone Users

Leafly, one of the world’s leading cannabis discovery marketplaces and resources, today announced a new update to Leafly’s iOS app that will enable iPhone and iPad users to place pickup orders for cannabis in legal state markets.

The announcement follows Apple’s recent update to its guidelines, which now permits in-app purchasing from licensed cannabis dispensaries, increasing access and removing a significant barrier between the legal cannabis market and consumers.

Merida Merger Corp I (NASDAQ:MCMJ) entered into a definitive agreement to combine with cannabis enterprise Leafly on August 9.

READ

 

Recent Posts
by Nicholas Alan Clayton on 2024-03-28 at 1:35pm

News and Rumors PR: Bannix (NASDAQ:BNIX) has provided more information on the combination with VisionWave that it announced yesterday, specifying that the imaging technology that VisionWave will acquire from GBT Technologies will primarily seek out applications in military combat scenarios and geological surveys. PR: Grove Collaborative (NYSE:GROV), which combined with Virgin Group II in June...

by Nicholas Alan Clayton on 2024-03-28 at 7:47am

At the SPAC of Dawn Fed Chair Jerome Powell has given new hints that the administration would be showing greater levels of comfort with inflation if a cut could help improve unemployment numbers. Those numbers could get an update today at 8:30 am ET to bring new jobless claims as well as final prices for...

by Nicholas Alan Clayton on 2024-03-27 at 1:31pm

News and Rumors CNBC: Former WeWork (OTC Pink:WEWKQ) founder Adam Neumann has offered to buy back control of the company for $500 million but has yet to secure the necessary financing. WeWork went public with BowX in October 2021. PR: Satellite telecom firm Spire Global (NYSE:SPIR) has signed an agreement to build and launch two...

by Nicholas Alan Clayton on 2024-03-27 at 11:38am

Bannix (NASDAQ:BNIX) has entered into a definitive agreement to combine with VisionWave Technologies for $30 million. The combined company is expected to trade on the Nasdaq once the deal is completed with an initial outside date of September 14. Transaction Overview Bannix has about $17 million in its trust after seeing 77.4% of its shares...

by Nicholas Alan Clayton on 2024-03-27 at 7:33am

At the SPAC of Dawn Much of the attention yesterday was on tracking the swings of the newly-completed Trump Media (NASDAQ:DJT) deal with the FT going as far to suggest it may “make SPACs great again.” Not all of the day’s data points were on the positive side of the ledger, however. IB Acquisition Corp....

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved