Shares of BuzzFeed Inc. rose greater than 40% Monday on their first day of buying and selling after merging with a special-purpose acquisition firm.
The SPAC, 890 fifth Avenue Companions Inc . , merged with BuzzFeed in a deal that took the media firm public. SPACs are shell firms which might be basically piles of money that commerce on the inventory trade. As soon as they merge with an organization, that firm takes their place on the trade. These offers have change into a preferred approach for firms to go public.
