According to BlockBeats, the ambitious SPAC deal led by Joe McCann for a Solana treasury firm has been scrapped โ reasons undisclosed. ๐ถ
Just 2 weeks ago, McCann was named CEO of Accelerate, a new Solana-focused company that planned to raise $1.51B through:
๐ฐ $800M PIPE
๐ธ $358.8M SPAC
๐ $250M Convertible Bonds
๐ $103.2M Warrants
But the dream collapsed, following news that McCannโs hedge fund, Asymmetric, is down ~80% this year. ๐
๐จ If it had succeeded, Accelerate would have become the largest SOL treasury manager in the crypto space.