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.