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Shares of BuzzFeed, a digital media company, fell 12% Monday after going public through a special purpose acquisition company.

American digital company BuzzFeed, known for its viral content and journalism, will go public on Monday after it initially raised less money than expected.

Digital media company BuzzFeed Inc. is set to go public by merging with a SPAC, with trading due to start on Dec. 6, 2021 under the symbol BZFD.

BuzzFeed may soon trade on the stock market, serving as a bellwether for the rest of the media industry's financial futures. Even before the decision on going public is final, though, it's already reflecting a key tension in the industry: In preparation for the vote that will take the company public, much of its staff is staging a walkout.

BuzzFeed, which is set to begin trading in the coming days, will likely raise "a fraction" of the $287.5 million it initially expected.

The company still loses money, but its revenue rose 20 percent in the third quarter. Investors who want to own a piece can do so around Dec. 6.