95% of the shares in the decentralized storage W3BCloud SPAC transaction have been redeemed by investors

2023-01-05 10:48:31

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ChainCatcher news, according to CoinDesk, a document shows that investors participating in the decentralized storage W3BCLOUD and Social Leverage Acquisition Corp special purpose acquisition company (SPAC) have voted to redeem 95% of their shares. After investors submitted redemption votes during the Christmas period, only $16.6 million remains in the SPAC treasury.

W3BCLOUD SPAC is seeking a three-month extension, hoping to raise enough funds by May 17 to meet the minimum cash condition of $150 million for listing.

It is reported that W3BCloud provides storage, staking, and computing infrastructure services, with ConsenSys founder and Ethereum co-founder Joseph Lubin serving on the W3BCloud board. Last August, W3BCloud announced it would go public via SPAC, with a post-merger valuation of $1.25 billion. (source link)

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W3BCloud SPAC ConsenSys

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