Social Leverage Acquisition I in an 8-K said today’s shareholder meeting is cancelled and its board has decided to liquidate the company. The SPAC’s deadl deadline is Feb. 17, although the now-cancelled meeting was to consider a nine-month extension.
Social Leverage I originally raised $300 million in an IPO three years ago, but as of Sept. 30, there was a little more than $16 million in the trust account.
The SPAC last month said management expected to enter into a non-binding letter of intent with a business combination target company.
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.
