Forbes Cancels SPAC Listing Plan Due to Deteriorating SPAC Market Condition
3rd June 2022 | Hong Kong
Forbes, the global media brand covering influential leaders and the rich, has cancelled its SPAC listing plan on NYSE due to deteriorating SPAC market conduction, terminating the Business Combination Agreement with Magnum Opus Acquisition Limited (NYSE: OPA), a special purpose acquisition company. Forbes announced record revenue and earnings last year, and has already exceeded the business forecast for 2022 it outlined in its initial investor deck.
“ Forbes Cancels SPAC Listing Plan Due to Deteriorating SPAC Market Condition “
“The Forbes brand is a sought-after and trusted brand with more than 100 years of equity that is synonymous with success and validation,” said Mike Federle, CEO, Forbes. “Our digital transformation has delivered double-digit revenue and EBITDA growth over the past year, which not only significantly outperformed the financial targets provided at the start of the SPAC transaction last year but continues to deliver high quality cashflows and compelling year-over-year and sequential growth since then. This is a testament to the incredible team we have assembled at Forbes that is delivering across our Media, and Brand Extensions business, as well as our newer consumer conversion strategy that has shown triple digit revenue growth over the past two years.”
The Forbes brand today reaches more than 150 million people worldwide through its trusted journalism, signature LIVE events, custom marketing programs and 45 licensed local editions covering 76 countries. Forbes™ brand extensions include real estate, education and financial services license agreements. Through its digital platforms, Forbes is among the top 50 most visited websites on the internet.
Forbes champions success by celebrating those who have made it, and those who aspire to make it. Forbes convenes and curates the most influential leaders and entrepreneurs who are driving change, transforming business and making a significant impact on the world. The Forbes brand today reaches more than 150 million people worldwide through its trusted journalism, signature LIVE and Forbes Virtual events, custom marketing programs and 45 licensed local editions covering 76 countries. Forbes Media™ brand extensions include real estate, education and financial services license agreements. For more information, visit the Forbes News Hub or Forbes Connect.
About Magnum Opus
Magnum Opus Acquisition Limited is a special purpose acquisition company sponsored by L2 Capital, a private investment firm. Magnum Opus is a partnership of enterprise builders and public and private market investment specialists with extensive experience operating and investing throughout the business life cycle from founding, scaling operations through public listing. Magnum Opus aims to partner with public ready enterprises at the forefront of convergence of consumption and technology. Magnum Opus™ mission is to support companies to realize their vision as they embark on their journey into the public markets and face new opportunities, challenges and stakeholders.