890 5th Avenue Partners (NASDAQ:ENFA) stock is getting some chatter today as investors weigh out the recent merger news with BuzzFeed.
890 5th Avenue Partners, a special purpose acquisition company (SPAC), announced that it will be acting as a vehicle to take Buzzfeed, an online publication and entertainment company, public. Here’s what investors need to know about those plans.
- To start off with, the SPAC merger values Buzzfeed at $1.5 billion.
- It’s worth noting that 890 5th Avenue Partners holds $288 million in trust.
- The deal also includes $150 million in convertible note financing secured by BuzzFeed.
- To go along with this, BuzzFeed will also be acquiring Complex Networks.
- This is a leading global youth network with Millenials and Gen Z as its primary audience.
- The SPAC merger is expected to close in the fourth quarter of 2021.
- At this time, BuzzFeed will become a publicly traded company.
- It will also serve as the parent company of those underneath it.
- This will have ENFA stock changing away from that ticker.
- Instead, it will switch over to the new BZFD stock ticker.
Jonah Peretti, founder and CEO of BuzzFeed, said this about the ENFA SPAC merger.
“BuzzFeed is now the undeniable leader for the next generation of media. We’ve built a slate of essential brands, loved by the most diverse, engaged, and loyal audience on the Internet. With today’s announcement, we’re taking the next step in BuzzFeed’s evolution, bringing capital and additional experience to our business.”
ENFA stock is seeing more activity than usual today. As of this writing, more than 800,000 shares of the stock have traded. That’s well above its daily average trading volume of about 52,000 shares.
ENFA stock was up nearly 1% as of Thursday morning.
There’s loads of other stock market news today that investors should look into.
InvestorPlace has all that latest news ready thanks to our daily coverage of the stock market. That includes the latest concerning Eli Lilly (NYSE:LLY), Clover Health Investments (NASDAQ:CLOV), and Marin Software (NASDAQ:MRIN) shares on the move today. You can learn all about that at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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