will raise roughly $16 million from its public listing, after the blank-check company it is merging with suffered a wave of investor withdrawals, according to a securities filing and people familiar with the situation.through a merger with 890 5th Avenue Partners Inc., a special-purpose acquisition company, or SPAC. Also called a blank-check company, a SPAC raises money and lists on a stock exchange with the sole intent of merging with a private firm to take it public.
The reduced cash proceeds could put pressure on BuzzFeed’s balance sheet. The company has previously said the merger would put it in position to pursue acquisitions and bring in high-quality executives. The deal is financing the acquisition of Complex Networks Inc., a digital publisher that specializes in streetwear, music and pop culture.
SPAC mergers have exploded, in part because the company going public can make business projections that aren’t allowed in traditional initial public offerings. Since investors in SPACs don’t know what type of deal the SPAC will do, they are allowed to withdraw their money before mergers are completed.
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