Similar to a handful of other SPACs we’ve seen, Silver Spike II cited unfavorable market conditions as the key reason behind the termination. And with a deadline of March 15, 2023, the SPAC intends to continue in its efforts to identify a prospective target business for an initial business combination.
The current market pain is still creating challenging conditions for SPACs and IPOs alike, making SPKB’s deal the 23rd to terminate this year. Silver Spike II initially raised $250 million at IPO in March 2021, and aims to combine with a target in the cannabis industry that is compliant with applicable laws and regulations in its jurisdictions. The SPAC is led by Chairman and CEO Scott Gordon, President William Healy and CFO Gregory M. Gentile.
Silver Spike II initially announced its $446 million combination with Eleusis earlier this year on January 20, 2022. New York City-based Eleusis is developing a novel therapy for treatment-resistant depression involving IV-administered psychedelics.