ENFA - BuzzFeed is said to see wave of redemptions before going public through SPAC

BuzzFeed is said unlikely to raise significant cash through a SPAC deal as investors are redeeming the bulk of their money. BuzzFeed is expected to receive a "fraction" of the $287.5M in its SPAC deal with 890 5th Avenue Partners (NASDAQ:ENFA), according to a WSJ report, which cites people familiar. The reduced cash proceeds may pressure BuzzFeed's balance sheet. BuzzFeed is expected to begin trading in the coming days after a shareholder vote on the deal with ENFA today . BuzzFeed in late June confirmed a deal to go public via SPAC at $1.5B valuation. The BuzzFeed CEO in June said he wanted to be 'consolidator' in the media space.

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BuzzFeed is said to see wave of redemptions before going public through SPAC