Investors in Blockchain Cloud Infrastructure Firm W3BCloud's SPAC Deal Have Redeemed 95% of Their Stakes

Blockchain cloud infrastructure company W3BCloud, a joint venture between chipmaker AMD and ethereum infrastructure development firm ConsenSys, said that while investors opted to redeem 95% of its shares in a merger deal with SPAC target Social Leverage Acquisition Corp (SLAC), , but it will continue to plan for listing. The W3BCLOUD SPAC process also seeks a three-month extension, giving the parties involved in the deal until May 17 to raise sufficient funds to meet the listing's minimum cash condition of $150 million. Foresight News previously reported that in August last year, W3BCloud indicated that it planned to go public through a SPAC. Among them, the SPAC target company Social Leverage Acquisition Corp I was listed on the New York Stock Exchange, with a trust fund of 345 million US dollars, and has been acquired from AMD, ConsenSys, SK Inc., etc. The company received $50 million in new investment commitments, valuing the combined W3BCloud at $1.25 billion.