Blockchain cloud infrastructure service provider W3BCloud is set to go public via a Special Purpose Acquisition Company (SPAC) dubbed the Social Leverage Acquisition Corp I (SLAC).
According to the transaction document, the SLAC vehicle is being sponsored by Social Leverage, a leading early-stage VC. The proposed funds to be raised via the SPAC are pegged at about $100 million.
Going public through a special purpose acquisition company is an alternative route designed for startups looking to raise funds and trade on public bourses.
They are generally a faster-track option for promising startups, provided they have a matching business design with their sponsoring SPACs. Per the proposed merger deal, W3BCloud is on track to be listed on the New York Stock Exchange (NYSE).
W3BCloud is one of the promising startups that hope to be the go-to cloud infrastructure provider for the emerging Web3.0 ecosystems. Currently, the startup ticks the box for providing a quality supply chain and...
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