OkCupid Co-Founders’ New SPAC Falls 2% On Opening Day

Written by Luke Smith

A new special acquisition company (SPAC) launched by two OkCupid co-founders and a former Tinder executive fell by 2% on it’s opening day following an IPO.

Earlier this month, Sam Yagan and Christian Rudder launched an IPO for Corazon Capital V838 Monoceros Corp., along with Ex-Tinder CMO Phil Schwarz.

However, the company, whose stock ticker is CRZN.U, failed to reach its $10 price target, trading at no higher than $9.84 before.

It initially aiming to raise $200 million from its IPO by offering 20 million shares to investors at $10 apiece, bu the first launch fell just short of this goal.

The SPAC trend has taken off exponentially in the financial sector so far this year, with more than $26 billion raised in January alone, compared to $83 billion throughout the whole of 2020. They are created with the intention of merging with or acquiring a private business, in order to take it public.

It’s not been revealed specifically which company Yagan, Rudder and Schwarz are looking to acquire, but it is expected to be in the consumer technology industry which could mark a return to online dating.

Earlier this year, Match Group’s former SVP of Corporate Development and Investor Relations Lance Barton was hired by PLBY Group as the company was going public through a SPAC. He started this week as the CFO.

Read more here.

Leave a Reply

Your email address will not be published. Required fields are marked *