Digital content platform BuzzFeed announced plans to go public through a merger with 890 5th Avenue Partners, Inc. (NASDAQ: ENFAU) 890 5th Avenue Partners is a publicly-traded special purpose acquisition company, or SPAC.
Proceeds from the merger will include up to $288 million in cash held in 890 5th Avenue’s trust account. The SPAC has also secured $150 million in a convertible note financing. This was led by Redwood Capital Management. CrossingBridge Advisors, Cohanzick Management, and Silver Rock Financial who were also part of the financing note. The boards of directors of both BuzzFeed and 890 have approved the transaction. Both companies expect the deal to close in Q4 2021. BuzzFeed will trade on the Nasdaq, under the ticker symbol “BZFD”.