BlockBeats news, August 8, sources say the SPAC deal for Solana financial tools led by Joe McCann has been canceled. The reason for the deal's failure has not been immediately disclosed. Two weeks ago, a limited partner from McCann's hedge fund Asymmetric posted on X that the fund has dropped nearly 80% this year.
News on July 24, Joe McCann, founder and CEO of the crypto hedge fund Asymmetric Financial, will serve as the CEO of a new Solana treasury company called Accelerate, which plans to raise up to $1.51 billion. It aims to raise $800 million through PIPE, $358.8 million through SPAC, $250 million through convertible bonds, and $103.2 million in the form of SPAC warrants. If this financing is successful, Accelerate will immediately start building a new Solana treasury, potentially becoming the largest SOL treasury management company in the market.
