Forbes has decided to cancel the deal to go public through a special acquisition company, also known as SPAC, amid cooling investors’ appetites, according to Lauren Hirsch and Benjamin Malin of the New York Times.
Hirsch and Malin report: “The cancellation may be announced as early as this week, one person said.
“The deal, announced in August, would value the company at $ 630 million through a merger with the Hong Kong-based Magnum Opus Acquisition, SPAC. In February, Forbes said it had agreed to an investment of $ 200 million from Binance, a cryptocurrency exchange, as part of the deal.
“SPACs, also known as blank check firms, are public front companies that raise money for the obvious purpose of bringing a private firm into state territory. Investor enthusiasm around companies with check forms peaked early last year, but declined after a number of SPACs failed to deliver on their promises to investors. “
Read on here.