SPACInsider Logo
The Latest SPAC News and Rumors: December 7, 2022
by Marlena Haddad on 2022-12-07 at 11:35am

 


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.

READ

Uplive 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.

READ

 

Recent Posts
by Nicholas Alan Clayton on 2023-02-03 at 9:49am

FAST II (NYSE:FZT) announced this morning that it has amended its combination with resort operator Falcon’s Beyond, shifting more value from both sides into earn-outs. The deal’s $1 billion enterprise value technically remains, but Falcon’s Beyond shareholders will receive less equity at close. The valuation is now made up of a $620 million enterprise value...

by Marlena Haddad on 2023-02-02 at 5:54pm

A SPAC I Acquisition Corp. (NASDAQ:ASCA) announced this afternoon that it has adjourned its special meeting to extend its timeline to complete a business combination. The meeting was originally scheduled to be held today, but is now being postponed until February 13 due to a change in terms for its extension. A SPAC I has also extended...

by Marlena Haddad on 2023-02-02 at 11:35am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Mondee acquires Orinter for $40M, Fisker, ChargePoint and Lucid say court decision creates ‘uncertainty’, and Getaround gets delisting warning from NYSE Mondee gains foothold in Brazil with Orinter acquisition  Travel marketplace and technology...

by Marlena Haddad on 2023-02-02 at 10:15am

Latest SPAC Liquidations: Itiquira Acquisition Corp., Biotech Acquisition Company Itiquira Acquisition Corp. (ITQ) to Liquidate on February 14 Itiquira Acquisition Corp. (Nasdaq: ITQ) announced today it intends to dissolve and liquidate at an estimated per-share redemption price of approximately $10.17. The company anticipates that the Public Shares will cease trading as of the close of business on February...

by Nicholas Alan Clayton on 2023-02-02 at 10:14am

Bill Ackman is still tinkering with his SPARCs. In a new S-1/a filed this morning, the Pershing Square founder provided an update to his proposed model that is “not a SPAC”, but that would do some SPAC-like things. In a simple sense, Ackman is seeking change in the order of operations from: find investors, raise...

Privacy Policy|Terms Of Use
Copyright © 2023 SPACInsider, Inc. All Rights Reserved