The Latest SPAC News and Rumors: December 7, 2022
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.