Summary
- It was announced that the SPAC listing plan for the Solana-based digital asset management firm Accelerate has fallen through.
- Accelerate had aimed to raise up to $1.5 billion through this listing, but with its withdrawal, investors have reportedly been given options to redeem investments or convert them into illiquid assets.
- Blockworks reported that Accelerate may seek other listing or fundraising alternatives in the future.
The initial public offering plan of Accelerate, a Solana (SOL)-based digital asset management firm (DAT) led by Joe McCann, has been canceled. The company had been seeking to raise up to $1.5 billion (about ₩2,085,000,000,000) through a merger with a SPAC (Special Purpose Acquisition Company).
According to Blockworks, a crypto-focused media outlet, on the 8th (local time), the SPAC listing has been withdrawn, and there is a possibility that Accelerate will explore alternative listing or fundraising methods in the future. The specific reason for the cancellation has not been disclosed.
Previously, McCann announced last month that he had offered LPs the option to either redeem their investments or convert capital into certain illiquid assets. There is speculation that these assets could be related to this Solana DAT.
Meanwhile, the investor proposal stated that McCann would serve as co-founder and CEO, while Komal Sethi, a director at CoinList, would serve as co-founder and Chief Strategy Officer (CSO).
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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