Silver Spike Acquisition II, the second blank check company formed by Silver Spike Capital targeting the cannabis industry, raised $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50.
The company is led by CEO and Chairman Scott Gordon, the founder and CEO of Silver Spike Capital and the co-founder and Chairman of Egg Rock Holdings, and President and Director William Healy, the former President of Pantera Capital Management. The company plans to target the cannabis industry, as well as related industries such as consumer packaged goods, health & wellness, technology, pharmaceuticals, manufacturing, distribution, logistics, and brand management.
Management's previous SPAC, Silver Spike Acquisition (SSPK; +89% from $10 offer price), went public in August 2019 and has a pending merger agreement with cannabis tech platform WM Holding.
Silver Spike Acquisition II plans to list on the Nasdaq under the symbol SPKBU. Credit Suisse and Stifel acted as lead managers on the deal.
