Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Global IPO market shows signs of life even as recession fears persist, and BuzzFeed to layoff 15% of employees
IPO Market Shows Signs of Life Even as Recession Fears Persist
The global market for initial public offerings is showing signs of life as a rebound in the stock market has emboldened companies to test investor appetite for new listings, particularly in Asia. But a full-fledged recovery looks distant.
Still, the outlook for IPOs in the US remains challenged. Only $4.1 billion has been raised for companies listing on US exchanges this year, with just three — Nextracker Inc., Atlas Energy Solutions Inc.and Enlight Renewable Energy Ltd. — accounting for a third of that amount.
In fact, outside that cluster and a dozen SPACs that have debuted this year, the vast majority of new listings would be qualified as penny stocks.
READBuzzFeed Lays Off 15% of Staff, Shuts Down News Division
In a move that brings to a close a pioneering era of online journalism, BuzzFeed (NASDAQ: BZFD) is shutting down its namesake news division. After beginning as a quirky digital upstart and rising to a Pulitzer Prize-winning operation, it ultimately fell prey to the punishing economics of digital publishing that has laid low many of its peers.
BuzzFeed completed its business combination with 890 5th Avenue Partners, Inc. in December 2021.
READ
Tracking SPACs and all of their various types of “corporate actions” can be challenging. After all, a SPAC can postpone, adjourn, extend, complete, liquidate early, do a tender offer, and in some cases, one SPAC do all of those actions within its lifespan. Naturally, this can be challenging to manage. More importantly, it can very...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Byju skips payment on dollar loan and HNR affirms intent to purchase equity interests of Pogo Resources High-Flying Indian Startup Byju’s Skips Payment on Dollar Loan One of India’s best-known startups has skipped payment...
Avalon Acquisition Inc. (NASDAQ:AVAC) announced in an 8-K this morning that it has entered into a prepaid forward purchase agreement with RiverNorth SPAC Arbitrage Fund, the purchaser, as it works to close its combination with financial services firm The Beneficient Company, or Ben. As part of the agreement, RiverNorth agreed to effect certain purchases of shares...
Blue Ocean (NASDAQ:BOCN) has entered into a definitive agreement to combine with digital media company TNL Mediagene at a pre-money enterprise value of $275 million. TNL Mediagene holds the Japanese licenses for a number digital media properties as well as Taipei-based The News Lens. The combined company Is expected to trade on the Nasdaq once...
Priveterra Acquisition Corp. (NASDAQ:PMGM) announced in an 8-K this morning that it plans to adjourn its special meeting to approve its combination with AEON Biopharma from noon today to the same time June 9. The SPAC plans to use this time to further engage with its shareholders as the ballot includes a variety of additional...