Social Leverage Acquisition I adjusted the pro forma enterprise value of merger partner W3BCLOUD from approximately $1.25 billion to $700 million.
Social Leverage I also said W3BCLOUD has agreed to lower the minimum cash condition from $150 million to $40 million. W3BCLOUD has received commitments for $50 million from certain existing stockholders for new investments in connection with the merger, subject to certain conditions.
Additionally, the SPAC said it secured non-redemption agreements with some of its shareholders who will vote in favor of extending the SPAC’s deal deadline until Feb. 17, 2024, and agree to not redeem approximately $6.5 million in stock.
W3BCLOUD and Social Leverage I also entered into a non-binding term sheet with B. Riley Principal Capital II for a $150 million committed equity facility that would cover a 24-month period. Read more.
