W3BCLOUD, a joint venture between chip maker Advanced Micro Devices and Ethereum builder ConsenSys, says it will forge onward with plans to go public, despite investors in Social Leverage Acquisition redeeming 95% of the shares in connection with a deadline extension on the deal.
Companies linked even tangentially to cryptocurrencies have struggled to gain traction in the current market.
The SPAC won shareholder support for an extension from February until May 17, however, the hefty redemptions left approximately $16,606,243 in the trust.
At deal announcement, W3BCLOUD was expecting to receive up to $345 million in proceeds from the SPAC's cash in trust.
W3BCLOUD has received commitments for $40 million from ConsenSys, SK and others for new investments in connection with the transaction, and has an agreement with AMD for an additional equity investment of $10 million, each of which is subject to certain conditions. The parties also intend to raise up to $100 million. Read more.
Source: Ethereum-Linked W3BCLOUD will Push Forward with SPAC Deal Despite 95% Redemptions