Benzinga · Aug 1, 2022
Is W3BCLOUD A Pick And Shovel Play For The Web3 Sector? What Investors Should Know
A leading Web3 company is going public via SPAC merger. Here are the details on the merger between W3BCLOUD and Social Leverage Acquisition Corp I. The SPAC Deal: Social Leverage Corp I (NYSE: SLAC) announced it is acquiring W3BCLOUD, a leading storage and infrastructure provider for the Web3 sector. The merger values W3BCLOUD at an enterprise value of $1.25 billion. Social Leverage launched the SPAC in 2021 to find a company in the fintech, enterprise software or consumer technology sector with an enterprise value of $1 billion or more. “We believe that the rapidly developing changes within these sectors have created a new generation of technology leaders that are highly attractive to public investors,” the company said in its filing. Investors in the company include ConsenSys and Advanced Micro Devices, Inc. (NASDAQ: AMD). ConsenSys is among the companies providing an additional $40 million in investments as part of the merger. After the merger is complete, Social Leverage Acquisition Corp I shareholders are ...
