Social Leverage Acquisition Corp I (Nasdaq: SLAC) and W3BCLOUD Holdings Inc. announced this afternoon that they have mutually agreed to terminate their business combination agreement.
The reasons cited were once again “due to existing market conditions”, which most likely implies the current capital market conditions as well as the fact that W3BCLOUD works within the blockchain sector. Both of which have had a difficult 18 months.
However, Social Leverage I did note that they intend to keep searching and will look for an alternative business combination. Neither party will be required to pay the other any fees or expenses as a result of the Termination.
Social Leverage I and W3BCLOUD announced their combination a little more than a year ago on August 1, 2022. Dublin-based W3BCLOUD has built up a global network of high-performance data centers to support Web 3.0 and the blockchain economy.
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