- Binance makes a “strategic investment” into Forbes and Magnus Opus.
- Forbes is gearing up to be a public traded company.
In a press release today, Forbes has announced that Binance, the world’s largest crypto trading platform, has invested $200 million into Forbes and Magnus Opus Acquisition Ltd, a particular purpose acquisition company sponsored by L2 capital.
This strategic investment has been made to attain the combined goal of Forbes and Magnus Opus of blending businesses expected to close in Q1 of 2022. In addition, this joint venture will allow Forbes to become a publicly-traded company like its partner on the New York Stock Exchange, trading under the ticker symbol of “FRBS”.
In August 2021, Forbes revealed its plan to become a public company. This will empower Forbes to gain additional profits by digitally transforming itself by utilising technology and data-driven insights. In addition, becoming a public trader will help Forbes earn more engaging audiences and bring more high-quality and continuous revenue sources.
Mike Federle, CEO of Forbes, says, “Forbes is committed to demystifying the complexities and providing helpful information about blockchain technologies and all emerging digital assets,”
Binance is supporting Forbes based on last year’s announcement. The former expects membership of $200 million of responsibilities out of the $400 million private investment in public equity (PIPE). As Binance is taking up PIPE responsibilities, its investment remains the same as other investors.
“With Binance’s investment in Forbes, we now have the experience, network and resources of the world’s leading crypto exchange and one of the world’s most successful blockchain innovators. Forbes, already a resource for people interested in the emerging world of digital assets, can become a true leader in the field with their help.”, says Federle.
In this quarter, Patrick Hillmann, Chief Communications Officer for Binance, and Bill Chin, Head of Binance Labs, will be joining the Forbes board of Directors upon successful closure of this transaction.