In a $1.25 billion SPAC sale, tech company W3BCLOUD will go public.

    In a $1.25 billion SPAC sale, tech company W3BCLOUD will go public., Axpert Media

    W3BCLOUD signed a deal worth $40 million(4 crore) with ConsenSys, SK Inc and others for
    new investment. An agreement with Advanced Micro Devices (AMD) in exchange for equity of
    $10 million was made,with certain conditions.

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    W3BCLOUD, a technology partnership between Advanced Micro Devices, ConsenSys, and its
    founders, decided to go public in the US on Monday by combining with a business that writes
    blank checks. The merged company would be valued at $1.25 billion, including debt, after the

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    In a $1.25 billion SPAC sale, tech company W3BCLOUD will go public., Axpert Media

    In the event that there are no redemptions, the sale with Social Leverage Acquisition Corp. I
    may net the SPAC trust account up to $345 million in cash.

    ConsenSys, SK Inc., and other parties have made commitments to W3BCLOUD for investments
    totaling $40 million. The company also has a deal with AMD for an additional equity investment
    of $10 million, each of which is subject to certain terms.

    By offering the storage and processing infrastructure needed to support the decentralised
    economy, the 2018-founded startup is counting on the rising popularity of Web3.
    A decentralised network powered by blockchain technology is referred to as Web3, and it may
    represent the next stage of the internet.

    However, the announcement comes at a challenging time for the SPAC market, which was once
    the most popular trend on Wall Street when it peaked in 2020 and early 2021 and is currently
    dealing with regulatory challenges, investor mistrust, volatile capital markets, and weak share
    performance of well-known companies.

    SPACs are publicly traded businesses created with the goal of merging with a private firm,
    which then becomes public after the merger and is viewed as a less expensive option than an
    initial public offering (IPO).

    Sami Issa, the CEO of W3BCLOUD, will serve as the operational entity’s chief executive after
    the transaction is completed, with Joseph Lubin, the founder of ConsenSys and a co-founder of
    Ethereum, continuing to serve on the board of directors.

    Krishnaanand nishad
    Axpert Media has been for more than a year, a provider in India's digital journalism. Founded & CEO Krishnaanand lalabahadur nishad

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