Social Leverage Acquisition I in a proxy filing asks shareholders for nine more months to find and complete a deal. A vote is scheduled for Feb. 13. If approved, the SPAC’s new completion date would be Nov. 17. This will be the third extension vote for Social Leverage I, which originally raised $300 million in an IPO almost three years ago.
As of Sept. 30, 2023, there was a little more than $16 million in the trust account.
The SPAC in the filing said management expect to enter into a non-binding letter of intent with a business combination target company, the board believes that there may not be sufficient time before the current termination date, which is Feb. 17. There were no other details about the LOI or potential target mentioned in the proxy.
Social Leverage I last September called off a deal with W3BCLOUD Holdings, a storage and computer infrastructure provider for Web3. The transaction at deal announcement in August 2022 gave the combined company an enterprise value of $1.25 billion. Read more.
