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.
Seaport Calibre Materials Acquisition Corp. (NASDAQ:SCMA) announced in an 8-K that it has inked new non-redemption agreements after postponing its initial extension vote. The SPAC has agreed to allocate up to 37,500 promote shares (1.1%) to investors holding in exchange for them agreeing not to redeem an aggregate of 150,000 shares at the vote now...
Armada I (NASDAQ:AACI) announced this afternoon that it has once again postponed its extension vote. The SPAC initially planned to hold its special meeting on January 20, but postponed it to January 30, and will now be pushing it back until tomorrow, January 31. Armada has also extended the deadline for holders to submit their public...
Prime Impact I (NYSE:PIAI) has entered into a definitive agreement to combine with auto insurance firm Cheche at an enterprise value of $841 million, or about 2.3x its 2022 revenue. Beijing-based Cheche provides a digital insurance platform for car owners in China with about 34 million vehicles covered. The combined company is expected to trade...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Hambro Perks eyes merger with Biotech Istesso, Rocket Lab launches first vehicle from U.S. soil, and Alliance Entertainment signs licensing agreement with The Walt Disney Company Hambro Perks SPAC Eyes Merger With Biotech...
Pono Capital Corp. (NASDAQ:PONO) disclosed in an 8-K filing this morning that its shareholders approved its combination with air mobility company AERWINS at a special meeting held on Friday, January 27. Holders of 12,412,861 common shares were present at the meeting and the deal was approved with 11,218,712 shares in favor of the transaction. The filing did not...