The Latest SPAC News and Rumors: April 24, 2023
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Global IPO market shows signs of life even as recession fears persist, and BuzzFeed to layoff 15% of employees
IPO Market Shows Signs of Life Even as Recession Fears Persist
The global market for initial public offerings is showing signs of life as a rebound in the stock market has emboldened companies to test investor appetite for new listings, particularly in Asia. But a full-fledged recovery looks distant.
Still, the outlook for IPOs in the US remains challenged. Only $4.1 billion has been raised for companies listing on US exchanges this year, with just three — Nextracker Inc., Atlas Energy Solutions Inc.and Enlight Renewable Energy Ltd. — accounting for a third of that amount.
In fact, outside that cluster and a dozen SPACs that have debuted this year, the vast majority of new listings would be qualified as penny stocks.READ
BuzzFeed Lays Off 15% of Staff, Shuts Down News Division
In a move that brings to a close a pioneering era of online journalism, BuzzFeed (NASDAQ: BZFD) is shutting down its namesake news division. After beginning as a quirky digital upstart and rising to a Pulitzer Prize-winning operation, it ultimately fell prey to the punishing economics of digital publishing that has laid low many of its peers.
BuzzFeed completed its business combination with 890 5th Avenue Partners, Inc. in December 2021.READ