OPA - Forbes canceling plan to go public via SPAC

Forbes is canceling its plan to go public through a blank-check company, The New York Times reports, as the stock market has taken a turn for the worse in May, The venerable business magazine had planned its debut via a special-purpose acquisition company, Hong Kong-based Magnum Opus Acquisition (NYSE:OPA), after an August 2021 announcement. And in February, cryptocurrency exchange Binance put $200 million into the deal - half of the $400 million in private investment in public equity commitments. Forbes would have been valued at $630 million. But investor enthusiasm for SPACs has shrunk along with the S&P 500's valuation, and after a number of SPAC disappointments. Other SPACs are still looking for deals in the media space - Group Nine Media execs have started a SPAC looking to consolidate digital media - despite some high-profile stumbles (of Vice's attempt to go public, and BuzzFeed's share decline).

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Forbes canceling plan to go public via SPAC