Silver Spike Acquisition Corp. II (NYSE:SPKB) announced in an 8-K this afternoon that it intends to adjourn its extension meeting indefinitely.
The SPAC originally scheduled its vote for March 6, but adjourned it to tomorrow, March 10, hoping that the extra days would give its sponsor more time to engage with its investors and possibly ink non-redemption agreements which have become increasingly common.
Although Silver Spike II was expecting to extend its completion date by three months from March 15 to June 15, it now intends to adjourn the meeting indefinitely.
Silver Spike II announced a merger with pharmaceutical firm Eleusis last January, but later terminated it in June. As a part of the breakup fee, the SPAC is expected to receive an amount of shares equal to 3% of Eleusis’ total equity at the firm’s next capital raise, liquidity event or sale of the company. Should this occur after Silver Spike II has completed a different business combination or liquidated, then these shares will be placed in escrow with a third-party payment agent.
The Silver Spike team closed its first deal in 2021 with WM Holding, an ecommerce platform connecting consumers with local cannabis products.
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