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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

 

Date of report (Date of earliest event reported): September 30, 2021

 

890 5th Avenue Partners, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware   001-39877   85-3022075
(State or other jurisdiction
of incorporation)
  (Commission File Number)   (I.R.S. Employer
Identification No.)

 

14 Elm Place, Suite 206
Rye, New York
  10580
(Address of principal executive offices)   (Zip Code)

 

(575) 914-6575
(Registrant’s telephone number, including area code)

 

Not Applicable
(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

x Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Units, each consisting of one share of Class A common stock and one-third of one redeemable warrant   ENFAU   The Nasdaq Stock Market LLC
Class A common stock, par value $0.0001 per share   ENFA   The Nasdaq Stock Market LLC
Redeemable warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50   ENFAW   The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company  x

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨

 

 

 

 

 

 

Item 7.01.  Regulation FD Disclosure.

 

Attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference is the Analyst Day Presentation, dated September 2021, that will be used by 890 5th Avenue Partners, Inc., a Delaware corporation (“890”) and BuzzFeed, Inc., a Delaware corporation (“BuzzFeed”), at an analyst day presentation scheduled for September 30, 2021, in connection with 890’s previously disclosed business combination with BuzzFeed, and the other transactions contemplated by that certain Agreement and Plan of Merger (as it may be amended, supplemented or otherwise modified from time to time, the “Merger Agreement” and the “Business Combination”), by and among Bolt Merger Sub I, Inc., a Delaware corporation and a direct, wholly owned subsidiary of 890, Bolt Merger Sub II, Inc., a Delaware corporation and a direct, wholly owned subsidiary of 890, and BuzzFeed.

 

The foregoing Exhibit 99.1 is being furnished pursuant to Item 7.01 and will not be deemed to be filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise be subject to the liabilities of that section, nor will it be deemed to be incorporated by reference in any filing under the Securities Act or the Exchange Act.

 

Additional Information

 

In connection with the Business Combination, 890 has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-4 (as may be amended from time to time, the “Registration Statement”), which includes a preliminary proxy statement/prospectus of 890. After the Registration Statement is declared effective, 890 will mail a definitive proxy statement/prospectus and other relevant documents to its stockholders. 890’s stockholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus, and amendments thereto, and definitive proxy statement/prospectus in connection with 890’s solicitation of proxies for its stockholders’ meeting to be held to approve the Business Combination because the proxy statement/prospectus will contain important information about 890, BuzzFeed and the Business Combination. The definitive proxy statement/prospectus will be mailed to stockholders of 890 as of a record date to be established for voting on the Business Combination. Stockholders will also be able to obtain copies of the Registration Statement on Form S-4 and the proxy statement/prospectus, without charge, once available, at the SEC’s website at www.sec.gov. In addition, the documents filed by 890 may be obtained free of charge from 890 at https://www.890fifthavenue.com/#investor-relations. Alternatively, these documents, when available, can be obtained free of charge by directing a request to: 890 5th Avenue Partners, Inc., 14 Elm Place, Suite 206, Rye, New York 10580.

 

Participants in the Solicitation

 

890, BuzzFeed and their respective directors, executive officers, other members of management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of 890’s stockholders in connection with the Business Combination. Investors and security holders may obtain more detailed information regarding the names and interests in the Business Combination of 890’s directors and officers in 890’s filings with the SEC, including the Registration Statement filed with the SEC by 890, and such information and names of BuzzFeed’s directors and executive officers will also be in the Registration Statement filed with the SEC by 890, which will include the proxy statement of 890 for the Business Combination.

 

Disclaimer; Non-Solicitation

 

This communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy, any securities or the solicitation of any vote in any jurisdiction pursuant to the Business Combination or otherwise, nor shall there be any sale, issuance or transfer or securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act.

 

 

 

 

Forward Looking Statements

 

Certain statements in this Current Report on Form 8-K may be considered forward-looking statements. Forward-looking statements generally relate to future events or 890’s or BuzzFeed’s future financial or operating performance. For example, statements about the expected timing of the completion of the Business Combination, the benefits of the Business Combination, the competitive environment, and the expected future performance (including future revenue, pro forma enterprise value, and cash balance) and market opportunities of BuzzFeed are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties.

 

These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by 890 and its management, and BuzzFeed and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement; (2) the outcome of any legal proceedings that may be instituted against 890, BuzzFeed, the combined company or others following the announcement of the Business Combination; (3) the inability to complete the Business Combination due to the failure to obtain approval of the stockholders of 890 or to satisfy other conditions to closing; (4) changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the Business Combination; (5) the ability to meet stock exchange listing standards at or following the consummation of the Business Combination; (6) the risk that the Business Combination disrupts current plans and operations of BuzzFeed as a result of the announcement and consummation of the Business Combination; (7) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably; continued market acceptance of, and traffic engagement with, BuzzFeed’s content; expectations, beliefs and objectives for future operations; BuzzFeed’s ability to further attract, retain, and increase its traffic; BuzzFeed’s ability to expand existing business lines, develop new revenue opportunities, and bring them to market in a timely manner; BuzzFeed’s expectations concerning relationships with strategic partners and other third parties; BuzzFeed’s ability to maintain, protect and enhance its intellectual property; future acquisitions or investments in complementary companies, content or technologies; BuzzFeed’s ability to attract and retain qualified employees; the proceeds of the Business Combination and BuzzFeed’s expected cash runway; demand for products and services; technological developments and other potential effects of the Business Combination on BuzzFeed; (8) costs related to the Business Combination; (9) changes in applicable laws or regulations, including revised foreign content and ownership regulations; (10) changes in national and local economic and other conditions and developments in technology, each of which could influence the levels (rate and volume) of BuzzFeed’s subscriptions and advertising, the growth of its businesses and the implementation of its strategic initiatives; government regulation; (11) poor quality broadband infrastructure in certain markets; (12) the possibility that BuzzFeed or the combined company may be adversely affected by other economic, business and/or competitive factors; and (13) other risks and uncertainties set forth in the section entitled “Risk Factors” in 890’s Registration Statement on Form S-4 filed with the SEC, and in 890’s other filings with the SEC.

 

Nothing in this Current Report on Form 8-K should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Neither 890 nor BuzzFeed undertakes any duty to update these forward-looking statements.

 

Item 9.01. Financial Statements and Exhibits.

 

(d)Exhibits.

 

Exhibit No.   Description
99.1   Analyst Day Presentation, dated September, 2021.
104   Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  890 5th Avenue Partners, Inc.
     
  By: /s/ Adam Rothstein
  Name:   Adam Rothstein
  Title: Executive Chairman
     
Date:  September 30, 2021    

 

 

 

Exhibit 99.1

 

 
 

Business Combination Presen t a t i o n 890 BuzzFeed C ompa ny In f o rma t i o n

 
 

 
 

Securities Act Securit i es

 
 

Today’s Agenda

 
 

Introduction

 
 

Today’s Presenters

 
 

About BuzzFeed

 
 

Brands that are Defining Culture

 
 

Leading Platform for Digital Content and Commerce Source: Management, company estimates. Financials are Pro Forma for Complex, excludes go90. (1) Comscore, August 2020 when compared to Core competitor set. Core competitor set includes Vox Media, Group Nine Media, Complex, POPSUGAR Media, Vice Media, REFINERY29.com. (2) Nielsen Digital Content Ratings, Monthly Data October 2020. (3) Q1 2020 BuzzFeed Brand Health Study (U.S. P13 - 54). • • •

 
 

Expansion and Diversification of Business Model Note: Adj. EBITDA excludes stock - based compensation and other net income/expense. Revenue growth rate and Adj. EBITDA include Complex, excludes go90. (1) Deal signed in March 2021 and expected to close in connection with the proposed transaction. (2) Deal signed in November 2020 and closed in February 2021.

 
 

Highly Attractive Acquisition of Complex • • • • Source: Complex Management and publicly available information. (1) Complex materials and reports. (2) Represents 2020 O&O original output and published content, both posts and videos. (3) Comscore, August 2021 and Facebook API. (4) Refers to Black/African - American males age 18 - 34. Comscore, June 2021. Research offering proprietary data Youth consultancy offering E c o m m er c e destination Other Key Initiatives • • •

 
 

Video & Social High Quality Content eC o m m erce Source: Company filings; S&P Global Market Intelligence Global Advertising Forecasts Jun 2020; eMarketer Oct 2020; Wyzowl Video Marketing Statistics 2020 report; Wall Street research. Aligned with Massive Secular Trends

 
 

Foundations for Growth

 
 

Portfolio of Premium and Emerging Digital Content Brands Source: Comscore, Aug 2021, Nielsen Digital Content Ratings, Monthly Data, Oct 2020, Complex materials and reports, BuzzFeed internal survey conducted via Qualtrics, Apr 2020, BuzzFeedNews.com, YouTube.com, Multi - Platform, Key Measures, Oct 2020, Tubular Intelligence, Oct 2020, Digital Media Brand Perceptions Study (Q3 2018), U.S. P13 - 54, ComscoreMedia Metrix, Key Measures, P13 - 24, Key Measures, A25 - 34. A Leading News Brand for Young Readers A Leading Digital News Outlet A Leading Media Company for the Modern World A Leading Global Food Network Entertainment / Culture News Food A Leading Media Outlet for Young Readers Emerging Brands (Beauty) (Travel) (Health) (Home) (Family)

 
 

Machine Learning Powers a Scaled Tech Stack Source: BuzzFeed Client Event Tracking Data, August 2021.

 
 

Growth Flywheel is Highly Scalable Across Platforms 1 3 4 2

 
 

High Growth Commerce Opportunity BuzzFeed editorial posts inspire travel Audience clicks travel and content ads with links Audience transacts directly with hotel OTA

 
 

Source: Tubular Intelligence, Oct 2020, BuzzFeed Looker Data, NiemanLab, Jan 2017, Nielsen Digital Content Ratings, Monthly Data, Aug 2020. Facebook Followers BuzzFeed Formats Applied to Cooking E x pe r i m e nta t ion & Social Media Feedback / Data Loop Audience E x pans ion Iterations for Expansion & Deve l op me n t Multiple Mon e t i za ti o n Streams Powering Organic Growth of Brands

 
 

Source: Comscore, Feb 2020, Comscore, Aug 2021, Complex materials and reports. Monthly Minutes and Minutes Spent by Average Unique Visitor represent total audience. • • • • • Key Stats HuffPost Acquisition Rationale • • • • Key Stats Complex Acquisition Rationale     Proven Consolidation Platform

 
 

Consolidation Strategy Driving Accretive Results

 
 

Our Scaled Model has Powered Network Effects Creating Competitive Barriers and Driving Growth (1) Nielsen Digital Content Ratings, Monthly Data, Oct 2020. (2) Represents estimated total number of hours spent on our O&O properties, on our content on YouTube as reported by ComScore, and on our content on Facebook, as reported by Facebook. (3) Deal signed in March 2021 and expected to close in connection with the proposed transaction. (4) See slide 25, which show the actual revenue mix for 1H’20A and 1H’21A.

 
 

Financial Highlights

 
 

Note: FY2021E and beyond includes HuffPost. Pro Forma figures include Complex, excludes go90 revenue of $55M, $25M, and $7M in 2019A, 2020A, and 2021E, respectively. Accelerating Growth Profile with Continued Diversification % YoY Growth 1H’21A YoY Growth +45% (4%) +92%

 
 

Note: Figures represent estimated total number of hours spent on our O&O properties, and on our content on YouTube as reported by ComScore, and on our content on Facebook, as reported by Facebook. Time Spent % YoY Growth

 
 

Profitability At Scale Note: Dollars in millions. Pro Forma figures include Complex, excludes go90 Adj. EBITDA of $29M, $14M, and $4M in 2019A, 2020A, and 2021E, respectively. (1) Please refer to Adj. EBITDA reconciliation on p.34. (2) Excludes D&A, SBC, Tax and other one - time non - recurring expenses. Adj. EBITDA Margin (3% ) 4% 11% 18%

 
 

Note: 2020A excludes HuffPost revenue and Adj. EBITDA. Pro Forma includes Complex, excludes go90 revenue of $16M, $9M, $0M and $7M and Adj. EBITDA of $6M, $8M, $0M, and $4M in 1H’20A, 2H’20A, 1H’21A, and 2H’21A, respectively. Values subject to rounding. (1) Please refer to Adj. EBITDA reconciliation on p.34. Adj. EBITDA Margin Adj. EBITDA Margin (13%) 15% 4% (2 %) 20% 11% 2H’21 Financial Outlook % of FY 2020A Revenue 39% 61% % of FY 2021E Revenue 41% 59% % YoY Growth

 
 

 
 

Appendix

 
 

35 - 38% 23 - 24% 19 - 23% 18 - 20% Note: Figures include Complex, exclude go90 revenue. Revenue ranges are based on quarterly revenue mix from 2019A, 2020A, and 2021E. Revenue Seasonality

 
 

BuzzFeed Standalone Statement of Operations ($ in millions) Note: Values subject to rounding. Figures exclude Complex. (1) Excludes minority interest adjustment relating to noncontrolling interests.

 
 

BuzzFeed Standalone Net Income to Adj. EBITDA Reconciliation ($ in millions) Note: Values subject to rounding. Figures exclude Complex. (1) Excludes minority interest adjustment relating to noncontrolling interests.

 
 

Pro Forma BuzzFeed GAAP / Non - GAAP Reconciliation (Adj. EBITDA) ($ in millions) Source: Publicly available sources and Complex management presentation. Note: Values subject to rounding. Pro Forma includes Complex. (1) Excludes minority interest adjustment relating to noncontrolling interests.