NEW YORK, June 2 — Business news publication Forbes announced Wednesday that it has pulled the plug on a merger transaction with a specially created investment company as fewer of such deals get completed.
“The Forbes brand is a sought-after and trusted brand with more than 100 years of equity that is synonymous with success and validation,” said Forbes Chief Executive Mike Federle, who pointed to double-digit revenue growth over the past year. First established around 30 years ago, SPACs became a popular means of entering public markets in 2020 and 2021 amid low interest rates and surging equity markets.