Forbes Announces $200 Million Strategic Investment From Binance

Globe Foremost Cryptocurrency and Blockchain infrastructure service provider to Make investments in Present $400 Million PIPE at Set up Deal Terms

Binance to Support Advise Forbes’ Electronic Property and Internet3 Technique

NEW YORK – February 10, 2022 – Forbes, the iconic business facts model that convenes and curates the most influential leaders driving modify, and Magnum Opus Acquisition Constrained (NYSE: OPA) (“Magnum Opus”), a publicly traded specific function acquisition organization, right now announced a $200 million strategic investment decision from Binance, just one of the world’s largest cryptocurrency and blockchain infrastructure suppliers.

Forbes and Magnum Opus earlier declared options to pursue a business enterprise mix, anticipated to close Q1 of 2022, by way of which Forbes would develop into a publicly traded corporation on the New York Stock Exchange investing below the ticker symbol “FRBS.” Going community will allow Forbes to even further capitalize on its productive digital transformation, applying technological know-how and details-pushed insights to create additional deeply engaged audiences, and associated high-quality and recurring income streams.

Binance’s strategic financial investment will be by way of Binance’s assumption of subscription agreements symbolizing $200 million of commitments in the $400 million private expense in general public fairness (“PIPE”) that was formerly introduced along with Forbes’ intention to go general public via a enterprise mix with Magnum Opus. With Binance assuming current PIPE commitments, the total size of the PIPE will remain at $400 million, and Binance’s financial commitment will be according to significantly the same conditions as the existing PIPE investors.

The transactions with Magnum Opus and Binance are predicted to assist Forbes improve its brand and enterprise values and use its proprietary technology stack and analytics to change readers into extensive-expression, engaged shoppers of the platform, together with by memberships and recurring subscriptions to premium content material and hugely specific merchandise offerings.

“Forbes is committed to demystifying the complexities and giving useful data about blockchain systems and all rising digital property,” reported Mike Federle, CEO, Forbes. “With Binance’s financial commitment in Forbes, we now have the working experience, community and methods of the world’s top crypto trade and 1 of the world’s most successful blockchain innovators. Forbes, now a source for individuals intrigued in the rising world of electronic assets, can become a legitimate chief in the discipline with their assistance.”

“As Net 3 and blockchain systems transfer forward and the crypto current market arrives of age we know that media is an important aspect to develop prevalent client being familiar with and training. We glimpse ahead to bolstering Forbes’ Digital initiatives, as they evolve into a next amount investment decision insights system,” claimed Changpeng ‘CZ’ Zhao, Founder and CEO, Binance.

As element of this transaction, Patrick Hillmann, Chief Communications Officer for Binance and Bill Chin, Head of Binance Labs, the Venture Money Arm and Incubator of Binance, will join the Forbes Board of Administrators upon the effective closing of the business enterprise combination transaction, envisioned this quarter.

To master more about this transaction, visit Forbes’ Trader Relations.

About Forbes

Forbes champions accomplishment by celebrating those people who have made it, and individuals who aspire to make it. Forbes convenes and curates the most influential leaders and entrepreneurs who are driving improve, transforming enterprise and producing a major influence on the entire world. The Forbes manufacturer nowadays reaches much more than 150 million folks around the world as a result of its trusted journalism, signature Stay and Forbes Virtual activities, personalized promoting courses and 46 licensed regional editions in 77 nations around the world. Forbes Media’s brand name extensions include actual estate, education and money solutions license agreements.

Forbes not long ago declared programs to go community by a business combination with Magnum Opus (NYSE: OPA), a specific purpose acquisition enterprise (SPAC), which is expected to near in Q1 of 2022.

About Magnum Opus

Magnum Opus Acquisition Limited is a particular objective acquisition firm sponsored by L2 Funds, a personal financial investment agency. Magnum Opus is a partnership of organization builders and public and non-public marketplace investment experts with considerable working experience operating and investing through the enterprise everyday living cycle from founding, scaling functions through public listing. Magnum Opus aims to husband or wife with public prepared enterprises at the forefront of convergence of consumption and technologies. Magnum Opus’ mission is to assistance corporations to comprehend their eyesight as they embark on their journey into the general public markets and encounter new prospects, challenges and stakeholders.

About Binance

Binance is a earth primary blockchain and cryptocurrency infrastructure provider with a economical item suite that includes the largest electronic asset trade by volume. Trustworthy by thousands and thousands throughout the world, the Binance system is committed to rising the freedom of money for buyers and options an unmatched portfolio of crypto solutions and offerings, which includes investing and finance, education, data and investigation, social superior, investment decision and incubation, decentralization and infrastructure remedies, and extra. For more details, check out: Binance.com.

Advisors

Kirkland & Ellis is acting as legal advisor and Credit history Suisse is acting as money marketplaces advisor to Magnum Opus. Cadwalader, Wickersham & Taft LLP is acting as legal advisor to Forbes. Latham & Watkins LLP is performing as legal advisor and The Raine Group LLC is performing as special money advisor to Binance. JonesTrading Institutional Services is performing as placement agent on the PIPE and King & Spalding LLP is performing as authorized advisor to JonesTrading.

Cautionary Assertion Relating to Ahead-Searching Statements

This communication contains ahead-seeking statements in just the indicating of segment 27A of the Securities Act of 1933, as amended (the “Securities Act”) and section 21E of the Exchange Act of 1934, as amended that are based mostly on beliefs and assumptions and on details now readily available to Magnum Opus and Forbes. In some cases, you can determine ahead-hunting statements by the following words and phrases: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “target,” “seek” or the adverse or plural of these phrases, or other identical expressions that are predictions or indicate future activities or prospects, despite the fact that not all forward-hunting statements consist of these words and phrases. Any statements that refer to expectations, projections or other characterizations of foreseeable future activities or situation, including strategies or programs as they relate to the proposed transaction, are also forward-hunting statements. These statements include hazards, uncertainties and other components that may perhaps bring about true benefits, levels of action, effectiveness or achievements to be materially diverse from these expressed or implied by these forward-wanting statements. Although just about every of Magnum Opus and Forbes thinks that it has a fair basis for just about every forward-wanting statement contained in this Present-day Report, each of Magnum Opus and Forbes cautions you that these statements are based on a blend of info and factors at the moment regarded and projections of the upcoming, which are inherently uncertain. In addition, there are challenges and uncertainties relating to the proposed transaction, such as people described in the preliminary proxy assertion filed by Magnum Opus with the SEC and to be described in other files that Magnum Opus or Forbes will file with the SEC from time to time with the SEC. These filings may possibly discover and handle other critical pitfalls and uncertainties that could cause real activities and success to differ materially from individuals expressed or implied in the ahead-hunting statements. Forward-wanting statements in this interaction contain statements concerning the proposed transaction, including the timing and framework of the transaction, the proceeds of the transaction and the added benefits of the transaction. Neither Magnum Opus nor Forbes can guarantee you that the ahead-hunting statements in this communication will verify to be precise. These ahead-hunting statements are subject matter to a range of threats and uncertainties, which includes the capacity to total the company mixture because of to the failure to acquire acceptance from Magnum Opus’s shareholders or fulfill other closing situations in the organization combination settlement, the occurrence of any celebration that could give increase to the termination of the business mix arrangement, the means to figure out the predicted benefits of the small business combination, the volume of redemption requests produced by Magnum Opus’s public shareholders, costs related to the transaction, the impression of the world-wide COVID-19 pandemic, the possibility that the transaction disrupts current options and functions as a end result of the announcement and consummation of the transaction, the result of any likely litigation, federal government or regulatory proceedings and other hazards and uncertainties, together with all those incorporated less than the heading “Risk Factors” in the proxy assertion filed by Magnum Opus with the SEC and those people incorporated beneath the heading “Risk Factors” in Magnum Opus’s closing prospectus relating to its first public offering dated March 23, 2021 and other filings with the SEC. In mild of the significant uncertainties in these ahead-seeking statements, you ought to not regard these statements as a representation or warranty by Magnum Opus, Forbes, their respective administrators, officers or employees or any other individual that Magnum Opus and Forbes will achieve their targets and ideas in any specified time frame, or at all. The forward-searching statements in this communication depict the sights of Magnum Opus and Forbes as of the day of this Present-day Report. Subsequent situations and developments could bring about all those sights to change. Nonetheless, when Magnum Opus and Forbes could update these ahead-looking statements in the foreseeable future, there is no current intention to do so, other than to the extent essential by relevant regulation. You ought to, as a result, not depend on these forward-hunting statements as symbolizing the sights of Magnum Opus or Forbes as of any day subsequent to the date of this Recent Report.

Significant Facts and Where by to Locate It

In relationship with the proposed transaction, Magnum Opus has submitted a preliminary proxy assertion and designs to file a definitive proxy assertion with regard to the shareholders assembly of Magnum Opus to vote on the proposed transaction. Shareholders of Magnum Opus and other interested individuals are encouraged to read the preliminary proxy assertion, any amendments thereto and the definitive proxy statement as well as other files to be submitted with the SEC due to the fact these files have, or will include, important data about Magnum Opus, Forbes and the proposed transaction. The definitive proxy assertion will be mailed to shareholders of Magnum Opus as of a report day to be set up for voting on the proposed transaction. The moment available, shareholders of Magnum Opus will also be ready to receive a copy of the proxy statements and other documents filed with the SEC without the need of charge, by directing a request to: Unit 1009, ICBC Tower, 3 Garden Street, Central, Hong Kong. The preliminary and definitive proxy statements can also be obtained, with out demand, at the SEC’s internet site (www.sec.gov).

Participants in the Solicitation

Magnum Opus and Forbes and their respective directors and executive officers could be regarded as contributors in the solicitation of proxies with regard to the prospective transaction described in this interaction underneath the guidelines of the SEC. Information and facts about the directors and executive officers of Magnum Opus and their ownership is set forth in Magnum Opus’s filings with the SEC, like its remaining prospectus relating to its original public featuring dated March 23, 2021. More data with regards to the folks who may well, below the policies of the SEC, be considered individuals in the solicitation of Magnum Opus’s shareholders in link with the likely transaction is set forth in the preliminary proxy statement and will be set forth in the definitive proxy statement when it is submitted with the SEC. These documents are accessible cost-free of demand at the SEC’s web site at www.sec.gov or by directing a request to: Device 1009, ICBC Tower, Three Backyard garden Road, Central, Hong Kong.

No Provide or Solicitation

This communication is not a proxy statement or solicitation of a proxy, consent or authorization with regard to any securities or in regard of the potential transaction and does not represent an provide to offer or a solicitation of an give to acquire any securities of Magnum Opus or Forbes, nor shall there be any sale of any this kind of securities in any condition or jurisdiction in which this kind of offer you, solicitation or sale would be unlawful prior to registration or qualification below the securities laws of this sort of point out or jurisdiction. No supply of securities shall be created except by usually means of a prospectus assembly the prerequisites of the Securities Act.

Press Contacts

For Forbes: Invoice Hankes, Forbes – [email protected] 

For Magnum Opus: Kevin Lee, Magnum Opus – [email protected]

For Binance: Steve Milton, International VP Communications, Binance – [email protected]       

Investor Call

Ashley DeSimone [email protected]

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