After Forbes cancels its planned stock market debut, WWD looks at what happened to all the digital media companies that had SPAC hopes.
But as with anything, a lot can change in a year, and many of those companies that were excited about SPACs have since changed their tune.
“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,” said Mike Federle, CEO of Forbes.
“I think it’s important to consider the economic drivers of SPACs. Functionally, the SPAC target IPO is being used as an alternative means to conduct an IPO,” SEC Chair Gary Gensler said in March. “Thus, investors deserve the protections they receive from traditional IPOs, with respect to information asymmetries, fraud and conflicts, and when it comes to disclosure, marketing practices, gatekeepers and issuers.
“I want to take this company public; I’ve admitted that in the past. I’ve never said it quite this clearly….I think that the SPAC revolution that’s taken place in the last year, it’s not for every start-up, but I do think it’s a good fit for this start-up.
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