The New York Times reported Tuesday that Forbes has canceled its plan to raise funds via a special purpose acquisition vehicle or SPAC.
Citing two sources familiar with the matter, the Times said that the decision was made "amid cooling investor appetite for the once-popular financial instrument." Scrutiny from officials at the US Securities and Exchange Commission (SEC) has also raised pressure on the market for SPACs.
Per one source, an announcement regarding the decision will be made in the coming days.
In February, it was revealed that crypto exchange Binance would invest some $200 million in Forbes via the SPAC. It's not clear at this time whether Binance will seek to invest in Forbes via another means.
A spokesperson for Forbes declined to comment when reached.