Silver Spike Acquisition Corp. (NASDAQ:SSPK) announced in a 8-K filing that its shareholders approved its combination with cannabis marketplace leader WM Technology, Inc., or more commonly known as “Weed Maps”.
Just 10,012 shares were redeemed by shareholders in connection with the vote. Silver Spike opened at $18.49 and closed lower at $18.15 on its redemption deadline June 8. A total of 23,120,394 out of 31,248, 575 shares of Silver Spike participated in the vote and the business combination was approved. Shareholders also approved all of other proposals which included a new equity incentive plan and a new employee stock purchase plan.
The transaction is now expected to close on June 15 with with the combined entity’s shares and warrants commencing trading on the Nasdaq under the symbols “MAPS” and “MAPSW”, respectively.
The parties initially announced their $1.4 billion deal on December 10. California-based WMH provides both a B2C marketplace with listings for cannabis businesses and also a B2B software platform that these businesses use for back office solutions.
Silver Spike’s approval marks the twelfth successful SPAC vote since June 1st. For a full list of proposals and vote tallies, click HERE.
ADVISORS
- Rothschild & Co. is serving as exclusive financial and capital markets adviser and Cooley LLP is serving as legal advisor to WM Holding LLC.
- Stifel, Nicolaus & Company, Incorporated and Piper Sandler & Co. are serving as joint placement agents and financial advisors and Davis Polk & Wardwell LLP is serving as legal advisor to Silver Spike Acquisition Corp.
- Gibson, Dunn & Crutcher LLP is serving as legal advisor to the founders of WM Holding.
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