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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At the SPAC of Dawn There are signs that the macro environment for SPACs is gradually improving, but the Screaming Eagle team yesterday announced a non-redemption agreement for its combination with Lionsgate Studios. Such agreements are generally a lever one pulls when a SPAC expects a potentially turbulent closing. All in all, the terms for...
Israeli tech firms have made up an outsized proportion of SPAC activity and despite the ongoing tensions in its region, that dealmaking is continuing unabated. In fact, the SPAC named for the particular mission of taking Israeli firms public through SPACs, Israel Acquisition Corp. (NASDAQ:ISRL) in fact just took one step closer in completing that...
At the SPAC of Dawn Although the market has largely recovered from a negative stretch last week, the roller coaster is tilted back downward for Trump Media (NASDAQ:DJT), which slid -8% yesterday to $32.57 – one of its lowest points since closing with Digital World last month. Other SPACs and de-SPACs are having a more...
Remember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...
At the SPAC of Dawn Tucked into the bill that provides $95 billion in funding to American allies passed by the House this weekend is another measure that is likely to have far more impact on at least one pending deal in SPAC world. It would appear that the timing was fortuitous for TikTok rival...