World Leading Cryptocurrency and Blockchain infrastructure provider to Invest in Existing $400 Million PIPE at Established Deal Terms. Binance to Help Advise Forbes’ Digital Assets and Web3 Strategy.
Forbes, the iconic business information brand that convenes and curates the most influential leaders driving change, and Magnum Opus Acquisition Limited (“Magnum Opus”), a publicly traded special purpose acquisition company, today announced a $200 million strategic investment from Binance, one of the world’s largest cryptocurrency and blockchain infrastructure providers.
Forbes and Magnum Opus earlier announced plans to pursue a business combination, expected to close Q1 of 2022, through which Forbes would become a publicly traded company on the New York Stock Exchange trading under the ticker symbol “FRBS.”
Going public will enable Forbes to further capitalize on its successful digital transformation, using technology and data-driven insights to create more deeply engaged audiences, and associated high-quality and recurring revenue streams.
Binance’s strategic investment will be through Binance’s assumption of subscription agreements representing $200 million of commitments in the $400 million private investment in public equity (“PIPE”) that was previously announced along with Forbes’ intention to go public via a business combination with Magnum Opus.
With Binance assuming existing PIPE commitments, the overall size of the PIPE will remain at $400 million, and Binance’s investment will be according to substantially the same terms as the existing PIPE investors.
The transactions with Magnum Opus and Binance are expected to help Forbes maximize its brand and enterprise values and use its proprietary technology stack and analytics to convert readers into long-term, engaged customers of the platform, including through memberships and recurring subscriptions to premium content and highly targeted product offerings.
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In February last year, Binance dropped a lawsuit against Forbes. It had in 2020 sued Forbes and two of its journalists for defamation over an October story the magazine published regarding the exchange’s corporate structure.
Banking 4.0 – „how was the experience for you”
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Many more interesting quotes in the video below:
