BuzzFeed, the digital media company known for an inquisitive blend of tests, bullet point articles and hard hitting reports, isn’t relied upon to raise as much money by means of its public listing as it once promoted.

Refering to anonymous sources, news announced Thursday that investors in the blank-check company that BuzzFeed is combining with in order to go public, are pulling out the bulk of their money.

BuzzFeed, which is set to start exchanging the coming days, will probably raise “a small portion” of the $287.5 million it at first expected, report.

In June, BuzzFeed ‘s co-founder and CEO Jonah Peretti announced plans for the company to go public through a merger with 5th Avenue Partners, a special-purpose acquisition company, or SPAC. These blank-check companies raise money and list on the stock exchange with the intent of merging with a private company to take it public.

Be that as it may, investors taking out the majority of their cash, and as indicated by media, the diminished money could come down on BuzzFeed’s monetary record. BuzzFeed has likewise gotten $150 million in convertible note financing.

BuzzFeed didn’t return demands for input.

The digital media monster has said that the SPAC arrangement would assist it with getting new ability, seek after acquisitions and lift deals by 25% every year through 2024. BuzzFeed’s SPAC bargain is additionally financing this current summer’s procurement of lifestyle publisher Complex Networks. That acquisition comes on the heels of BuzzFeed’s deal to buy HuffPost earlier this year.

The pullback in financing comes as the once-hot SPAC market has cooled, to some extent due to new examination from the Securities and Exchange Commission on overinflated income projections made by certain new businesses that are converging with SPACs.

Other companies have reassessed their SPAC plans in the midst of declining stock costs for firms that open up to the world thusly. As of late, BuzzFeed rival Vice Media finished discussions to open up to the world by means of a SPAC, to some extent since it didn’t have sufficient financials to make the arrangement work, sources told the media at that point.

BuzzFeed said last month that its revenue added up to $90.1 million in the second from last quarter, up 20% throughout the year-prior quarter, on account of a 39 percent bounce in publicizing deals. The company said it lost $3.6 million for the quarter