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Source: Joe McCann-led Solana Treasury Company has called off SPAC deal

4 hours ago

On August 8th, it was reported by sources that the Solana financial tool SPAC deal led by Joe McCann has been called off. The reason for the failed transaction has not been made public immediately. Two weeks ago, a limited partner at McCann's hedge fund Asymmetric posted on X that the fund has witnessed a nearly 80% decline year-to-date. On July 24th, it was announced that Joe McCann, the founder and CEO of the crypto hedge fund Asymmetric Financial, is going to serve as the CEO of a new Solana treasury company called Accelerate. The company plans to raise up to $1.51 billion. It intends to raise $800 million through a PIPE, $358.8 million through a SPAC, $250 million through convertible bonds, and sell $103.2 million in SPAC subscription rights. If this fundraising is successful, Accelerate will promptly start to establish a new Solana treasury or become the largest SOL treasury management company in the market.
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