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The article Cannabis SPAC Silver Spike Acquisition II files for a $250 million IPO originally appeared on IPO investment manager Renaissance Capital's web site. Credit Suisse and Stifel are the joint bookrunners on the deal. The company filed confidentially on October 1, 2020. Silver Spike Acquisition II was founded in 2020 and plans to list on the Nasdaq under the symbol SPKBU. Management's previous SPAC, Silver Spike Acquisition (SSPK +136% from $10 offer price), went public in August 2019 and has a pending merger agreement with cannabis tech platform WM Holding. 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. 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. At the proposed deal size, Silver Spike Acquisition II would command a market value of $313 million. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50.
The New York, NY-based company plans to raise $250 million by offering 25 million units at $10. Silver Spike Acquisition II, the second blank check company formed by Silver Spike Capital targeting the cannabis industry, filed on Friday with the SEC to raise up to $250 million in an initial public offering. Institutional Distribution Intelligence.Non-Traditional Exchanges & New Markets.Directors’ and Officers’ Questionnaires.