Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Buzzfeed cuts 12% of staff, and ASIG plans to expand through acquisition upon completion of SPAC
BuzzFeed cuts 12% of staff citing worsening econ conditions
Digital media company BuzzFeed (NASDAQ:BZFD) is cutting 12% of its workforce, citing worsening economic conditions.
The New York company, which made the announcement in a regulatory filing on Tuesday, did not disclose how many workers it was letting go. According to the data firm FactSet, BuzzFeed has 1,522 employees, which would mean roughly 180 of them would be laid off.
Shares of BuzzFeed fell more than 4% in midday trading, to $1.09 each. They traded close to $10 less than two years ago, when the company went public via a merger with a SPAC.
READUplive parent ASIG poised to expand through acquisition upon completion of SPAC listing despite icy tech climate
The parent company of social platform Uplive plans to brave the tech winter to expand its business by acquiring companies in emerging markets, but will shun the China market due to its “complex” nature.
“Last year the stock market was euphoria,” said chief executive Andy Tian of Asia Innovations Group (ASIG), the tech start-up behind live streaming service Uplive and dating app Lamour. “If last year was fire, then this year was ice.”
In September, the company said that it would go public through a merger with a SPAC, Magnum Opus Acquisition (NYSE:OPA), which raised $200 million in cash through its own initial public offering in May 2021.
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....
EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...