Wednesday, October 19, 2022 1:12:42 PM
"Another SPAC redemption case that garnered significant publicity was popular online content and media platform Buzzfeed and its business combination with 890 5th Avenue Partners. Before the transaction closed on Dec. 4, 2021, 94.4% of the SPAC's shares were redeemed, an unexpectedly high percentage. As a result, Buzzfeed only managed to raise a meager $16 million out of an expected $288 million. However, Buzzfeed had also arranged a concurrent $150 million convertible debt financing round led by Redwood Capital Management to provide a cushion of capital."
https://www.reuters.com/legal/transactional/high-redemption-rates-see-spacs-relying-alternative-financing-2022-01-14/
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