The blank check company that Forbes is looking to take public has until the end of business today (May 31) to file paperwork with the SEC to close its merger, Axios reports
If no paperwork is filed by Magnum Opus Acquisition, either party can walk away from the deal. Looking at the current state of the SPAC market, it looks likely, Axios added.
Magnum Opus has filed two deadline extensions so far this year. In both cases the paperwork was done several days before the deadline. With less than a full business day left, it would be surprising for a Magnum Opus to file for extension again.If it files for a third expansion, that’s still a serious sign for the deal that was about to close in Q1.
The deal can technically be extended any number of times until March 25, 2023, when the SPAC automatically terminates.
As announced back in August, the transaction is expected to raise approximately $600 million, including a $400 million PIPE. In December, investment firm GSV was reportedly working on a bid to buy Forbes Media at a $620 million valuation as an alternative to Forbes’ SPAC merger.
Forbes is mostly owned by Integrated Whale Media (IWM), a Hong Kong-based investment firm that bought a 95% stake in the company from the Forbes family in 2014. Read more.
