The Latest SPAC News and Rumors: August 31, 2021


The Latest SPAC News and Rumors: August 31, 2021

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Sponsor behind Forbes deal says slowdown is ‘healthy’ for the market, Vice Media abandons SPAC talks, and former American Express executive Joan Amble joins Buzzfeed’s Board of Directors

Slowdown in SPAC Issuance Healthy For Markets, Sponsor Behind Forbes Deal Says

A slowdown in issuance by SPACs following a blockbuster start this year is “healthy” for the market and will help sustain the appetite for the investment vehicle going forward, according to the co-founder of L2 Capital Management, a Hong Kong-based private investment firm and blank-check sponsor.

There was a “mismatch” in market dynamics to begin the year, with investors focused on growth stories and placing little focus on valuations, said Jonathan Lin, who also serves as CEO of Magnum Opus Acquisition, a Hong Kong-based SPAC. That has since shifted as investors look for companies set to benefit from a post-Covid-19 recovery and place a greater focus on valuations, he said.

US-listed Magnum Opus (NYSE:OPA) agreed last week to acquire the American publisher of Forbes magazine in a deal that valued the company at US$630 million.


Vice Media Raises $85 Million as Co-Founder Shane Smith Abandons SPAC Talks and Voting Control

Vice Media has ended talks to go public with a SPAC for the time being and raised $85 million from existing investors, according to a Tuesday report in The Information.

The company was hoping to raise money through a merger with a SPAC funded by 7GC & Co. (NASDAQ:VII), but existing investors like James Murdoch’s Lupa Systems and Sixth Street Partners have agreed to invest in the company to help it achieve profitability now.

As part of the fundraising, Vice’s co-founder, Shane Smith, agreed to give up his voting control. He remains chairman of the board.


Joan Amble Joins BuzzFeed’s Board of Directors as Audit Chair

Leading tech-powered media company BuzzFeed announced that Joan Amble has joined its Board of Directors as Audit Chair.

Amble, who previously served as Executive Vice President, Finance, and Comptroller for American Express, will bring decades of finance, accounting and public company experience to BuzzFeed’s Board of Directors and help BuzzFeed navigate a new period of growth as a public company.


Leafly Launches In-App Cannabis Ordering for iPhone Users

Leafly, one of the world’s leading cannabis discovery marketplaces and resources, today announced a new update to Leafly’s iOS app that will enable iPhone and iPad users to place pickup orders for cannabis in legal state markets.

The announcement follows Apple’s recent update to its guidelines, which now permits in-app purchasing from licensed cannabis dispensaries, increasing access and removing a significant barrier between the legal cannabis market and consumers.

Merida Merger Corp I (NASDAQ:MCMJ) entered into a definitive agreement to combine with cannabis enterprise Leafly on August 9.