New paperwork filed Monday by Forbes’ SPAC Magnum Opus shows that the company and Forbes’ majority shareholder have agreed to extend their SPAC termination agreement deadline from March 31 to May 31, reports Sara Fischer of Axios.
Fischer reports, “Forbes has been saying for months that its SPAC merger would close within the first quarter of 2022.
- But there’s still uncertainty around its IPO plans, and sources say it’s not surprising the can has been kicked down the road further.
- The SPAC merger is structured so that Forbes’ current owners, Integrated Whale Media (95%) and the Forbes family (5%), will receive a $400 million secondary round when the SPAC merger is complete.”
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