Three Firms Lead $1.25 Billion SPAC For AMD-Backed Web3 Company

Skadden, Arps is advising W3BCLOUD Holdings Inc., a Scottsdale, Arizona-based provider of computing storage and infrastructure for third-generation web technology, on its go-public merger with a special purpose acquisition company.

Ropes & Gray advised the SPAC, Social Leverage Acquisition Corp I, which is sponsored by venture capital firm Social Leverage and also has backing from semiconductor company Advanced Micro Devices, Inc. and other firms.

After the transaction’s expected fourth-quarter close, the combined company will be named W3BCLOUD, Inc. and its shares are expected to be traded on a national exchange. The transaction values the company at $1.25 billion, according to ...