Investors in BuzzFeed SPAC Reportedly Pull Out Ahead of Much-Anticipated IPO

News publisher BuzzFeed, which had announced plans to go public in June via a special-purpose acquisition company, is now having difficulty receiving funding for the deal, the Wall Street Journal reported.

The deal that valued BuzzFeed at $1.5 billion was originally expected to close in the fourth quarter of 2021.

The online media outlet is reportedly having trouble raising funds as investors may have pulled out “the bulk of their money,” the Journal reported. 

“The company is now expected to receive only a fraction of the $287.5 million held by the SPAC,” the Journal reported citing people familiar with the development.

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