W3BCloud to Merge with SPAC in USD 1.25bn Deal.
MANews-(C)2009-2022
Arizona, US-based special purpose acquisition company Social Leverage acquisition Corp I (NYSE: SLAC), has agreed to enter into a definitive business combination with storage and compute infrastructure provider for Web3 W3BCloud Holdings Inc., the company said.
The transaction values the combined company at an enterprise value of USD 1.25bn. The company will receive up to USD 345m in proceeds from SLAC's cash in trust.
W3BCloud has received commitments for USD 40m from ConsenSys, SK Inc. and others for new investments in connection with the transaction and has an agreement with AMD for an additional equity investment of USD 10m.
The parties intend to raise additional capital of up to USD 100m post-announcement, though there is no guarantee that such funds will be able to be raised on favorable terms or at all.
It is estimated that through this transaction, W3BCloud will receive approximately USD 445m in cash to its balance sheet assuming USD 100m of additional capital raised post-announcement, no redemptions of shares of common stock held by SLAC's shareholders and after estimated transaction expenses.
Upon closing of the transaction, the company will be named W3BCloud, Inc., and shares of W3BCloud's common stock are expected to trade on a national exchange.
W3BCloud expects to use transaction proceeds to accelerate its investments in storage and compute infrastructure, which includes expanding its data centre footprint and investing in the Web3 developer ecosystem.
W3BCloud provides storage and compute infrastructure to power Web3's decentralised economy.
With the transaction, W3BCloud aims to accelerate its investment in its platform to drive adoption by the...
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