Solana's SPAC IPO plan, led by Joe McCann, is terminated

PANews reported on August 8th that Blockworks reported that the planned public offering (IPO) of Solana, a digital asset treasury company led by Joe McCann, through a SPAC has been halted. The company had originally planned to raise up to $1.5 billion through a SPAC merger with Gores Holdings X, with McCann serving as co-founder and CEO. Sources familiar with the matter stated that the reason for the cancellation was undisclosed, and that the company may explore alternative IPO paths. Previously, an LP at McCann's hedge fund, Asymmetric, reported a year-to-date loss of nearly 80%.

Last month, it was reported that the new Solana treasury company Accelerate plans to raise $1.5 billion in funding, with Joe McCann as CEO .