Business

BuzzFeed Suffers Wave of SPAC Investor Withdrawals Before Going Public

BuzzFeed Inc. isn’t expected to raise significant cash through its public listing because investors in the blank-check company it is combining with are pulling out the bulk of their money, according to people familiar with the matter.

BuzzFeed in June announced plans to go public 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.


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