The deal, first announced in August, would have taken the company public at a $630 million valuation through a merger with Magnum Opus Acquisition, a SPAC based in Hong Kong. Forbes was one of several media companies that had hoped to tap the SPAC market to help fuel growth. Axios earlier reported the prospects for Forbes’ SPAC deal looked bleak. Shares in Buzzfeed, which went public through a SPAC deal in December, have tumbled more than 50 percent. Vice’s efforts to go public through a SPAC stumbled as investors turned on the market, and the media company instead looked to raise more money from private investors.

Source: Forbes June 01, 2022 07:44 UTC