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
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.
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.
READJoan 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.
READLeafly 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.
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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...
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...
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...
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...
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....