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Social Leverage Acquisition Corp I (NASDAQ: SLAC) and W3BCLOUD Holdings Inc. have revised their business combination agreement, adjusting W3BCLOUD’s pro forma enterprise value from
Social Leverage Acquisition Corp I (SLAC) announced plans to transfer its trading listing from the New York Stock Exchange to the Nasdaq Global Market, targeting a date of December 27, 2022. The company has received approval for the transfer, contingent upon meeting Nasdaq's listing standards. SLAC will continue to file periodic reports with the U.S. Securities and Exchange Commission, ensuring transparency for its investors post-transition.
Social Leverage Acquisition Corp I (SLAC) has announced a definitive business combination with W3BCLOUD Holdings Inc., a key infrastructure provider for the Web3 ecosystem. SLAC has $345 million in trust and has secured an additional $50 million from various investors. The combined company will have an enterprise value of $1.25 billion, with proceeds used to expand W3BCLOUD's data center capabilities and support Web3 development. The transaction is poised to close in Q4 2022, assuming regulatory approvals, and is expected to provide up to $445 million in cash to W3BCLOUD after expenses.
On April 12, 2021, the SEC released a statement on accounting considerations for SPAC warrants, affecting Social Leverage Acquisition Corp I's ability to file its Quarterly Report on Form 10-Q for Q1 2021. Subsequently, the NYSE notified the company of non-compliance with listing standards due to the late filing. The company must submit the Form 10-Q by November 24, 2021, to regain compliance or risk delisting. While it aims to file on time, uncertainties remain regarding the schedule.
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