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890 5th Avenue Partners, Inc. has announced that its stockholders approved the business combination with BuzzFeed, Inc., set to close on
BuzzFeed reported a 20% revenue growth to $90.1 million for Q3 2021, driven by a 39% increase in advertising revenue. The company experienced a net loss of $3.6 million, but its adjusted EBITDA more than doubled to $6.0 million. BuzzFeed is set to complete its merger with 890 5th Avenue Partners and acquire Complex Networks by December 2021. Despite the growth, commerce revenue showed signs of slowing down, impacted by industry challenges and supply chain issues.
890 5th Avenue Partners, Inc. (NASDAQ: ENFA, ENFAU, ENFAW) announced that the SEC declared effective its registration statement for a Business Combination with BuzzFeed, Inc. A Special Meeting for stockholders is set for December 2, 2021, to vote on the merger. Stockholders can redeem shares until November 30, 2021, and the merger involves BuzzFeed becoming a wholly-owned subsidiary of 890. The combined entity will operate under the name BuzzFeed, Inc., with stock trading under the ticker symbol BZFD. Important documents are being mailed to stockholders.
BuzzFeed's Q2 2021 revenue surged 51% year-over-year, with a six-month growth of 31%, leading to positive adjusted EBITDA of $1.3 million for H1. Advertising revenue skyrocketed 79% to $47.8 million in Q2, while commerce revenues rose 82% to $17.1 million. The company is set to complete its merger with 890 5th Avenue Partners by Q4 2021, acquiring Complex Networks. Despite a 5% revenue decline at Complex Networks in Q2, excluding go90's impact, revenues would have grown 49%.
890 5th Avenue Partners, Inc. (Nasdaq: ENFA, ENFAU, ENFAW) received a notice from Nasdaq on May 28, 2021, for failing to timely file its Quarterly Report on Form 10-Q for the quarter ending March 31, 2021. This notice indicates a non-compliance with Nasdaq Listing Rule 5250(c)(1). The company has 60 days to submit a plan for regaining compliance, but believes it can file the Form 10-Q before the deadline. The need for more time arises from recent SEC accounting guidance impacting warrants issued by SPACs, necessitating additional review with its accounting firm.
