Forbes to ditch SPAC funding plan: NYT

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. 

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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.