(Businesswire) News media company BuzzFeed traded up more than 40% after making a Nasdaq debut on Monday, December 6.
The Nasdaq debut happened after BuzzFeed merged with blank-cheque company 5th Avenue Partners Inc.
The SPAC deal is a shift from the traditional initial public offering, which BuzzFeed considered before the pandemic.
The debut comes amid turbulence, with almost all SPAC fund investors pulling out due to concerns of the company’s prospects and blank-cheque deals.
The SPAC deal was reportedly raising about $166.2 million. The company earned $4 million in net income in 2020, up from a loss of $29 million the previous year.
BZFD: NASDAQ is currently up +24.22%.
