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Whether it is finding out about the richest people in the world, the hottest celebrities, or any info related to showbiz, Forbes is the place to go. It is currently one of the longest-standing publications for the media platforms and now, it has a huge announcement to make.
Forbes has made an announcement that it is planning to go public. This is very huge news coming from Forbes as it has been around for a while but it is now that the firm has decided to go public. So far, Forbes has accumulated a large number of fans and followers.
At present, there are millions of followers and subscribers receiving several updates on a daily basis from Forbes. If anyone wants to know about life, lifestyle, earnings, or any information related to a prominent personality, Forbes can fill you in on everything.
As Forbes has gathered a tremendous following ever since it came on the internet planet, it will benefit a lot by going public. This is what might be in the mind of the executives why they have chosen to go public now.
Forbes made the announcement of its plans of going public on Thursday, August 26, 2021. In the announcement, Forbes revealed that it will not be going for a direct public listing. Instead, it will be merging with another company to execute its public listing.
For the purpose of going public, Forbes will be acquiring the support of a special purpose acquisition company, or commonly known as SPAC.
Forbes has also revealed that it will be merging with Magnum Opus Acquisition for the purpose of going public. The company has confirmed that following the merger, the market valuation of Magnum Opus Acquisition would be $630 million. According to Forbes, the $630 million figure would be from the net of tax benefits.
The company has hinted that the deal between the two entities will be completed by the end of the running year. Forbes has revealed that it is planning to go public as soon as possible, once the merger has taken place by the end of the fourth quarter of 2021.
Forbes has also mentioned the possibility that if the merger deal is not finalized in the last quarter of 2021, then it will definitely take place in the second first quarter of 2022.
Once the merger has taken place and everything is in order, Forbes will proceed with the public listing through the New York Stock Exchange (NYSE). Once Forbes is public, it will be using “FRBS” as the ticker symbol for trading.
Once Forbes is public, it will be able to assess its real worth and following in the market but the analysts have high hopes for the company.
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