Next steps: If Forbes' SPAC doesn't go through, the company could try to sell itself to a private buyer. Axios reported that Forbes has held talks with private buyers for years prior to its SPAC deal, including blockchain software firm Block.one and more recently, GSV Ventures, an investment firm. The SPAC deal was structured so that IWM — and to a small extent, the Forbes family, which still owns 5% of the company — would receive a $400 million payment when the SPAC merger was complete. Binance's investment would replace half of the $400 million initially raised by institutional investors to help finance Forbes' SPAC, which would essentially help IWM partially exit from its Forbes investment. What to watch: In the past, Forbes has reiterated its commitment to its SPAC deal, but it did not comment in response to this story.

Source: Forbes May 31, 2022 20:21 UTC