TORONTO–(BUSINESS WIRE)–NEO is pleased to announce that Silver Spike Capital (“Silver Spike”), has launched a newly-formed Special Purpose Acquisition Company (“SPAC”), which made its public markets debut on the NEO Exchange today. Silver Spike III Acquisition Corp., which closed its initial public offering for aggregate proceeds of US$125,000,000, is now available under the symbol SPKC.UN.U.
Led by a proven management team with a successful investment track record across cannabis, consumer packaged goods, and alternative health and wellness industries, the SPAC will search for target businesses with a focus on the cannabis sector and related industries; however, it is not limited to a particular industry or geographic region for purposes of completing its qualifying transaction.
“Following two successful U.S. public listings in the United States, Silver Spike is pleased to launch on the NEO Exchange our third SPAC with a focus on U.S. cannabis acquisitions,” remarked Scott Gordon CEO of Silver Spike Capital, LLC and Chairman of Silver Spike III Acquisition Corp. “As an innovative senior stock exchange with stringent listing requirements, a commitment to SPACs, and an understanding of the cannabis industry, NEO was the obvious choice as our listing partner.”
“Our management team, working together on our third publicly listed vehicle, remains confident in identifying and closing a qualifying transaction that will create value for our shareholders,” added Gordon.
With today’s launch, Silver Spike has become the 11th in a growing number of SPACs to list on the NEO Exchange. Home to over 130 corporate and ETF listings, the NEO Exchange consistently facilitates close to 15 percent of all Canadian trading volume. Click here for a complete view of all NEO-listed securities.
“Increased public support, consumer adoption, and legalization of cannabis products are driving enormous growth in the cannabis industry. Backed by an experienced leadership team, Silver Spike is well-equipped to achieve their value creation strategy,” remarked Jos Schmitt, President and CEO of NEO. “We are very proud that Silver Spike selected us as their listing partner of choice, acknowledging NEO’s reputation as the Canadian stock exchange for the innovation economy and the Canadian trailblazer in the SPAC space. We are looking forward to supporting Silver Spike throughout their capital markets journey.”
Investors can trade shares of SPKC.UN.U through their usual investment channels, including discount brokerage platforms and full-service dealers.
About the NEO Exchange
The NEO Exchange is Canada’s stock exchange for the innovation economy, bringing together investors and capital raisers within a fair, liquid, efficient, and service-oriented environment. Fully operational since June 2015, NEO puts investors first and provides access to trading across all Canadian-listed securities on a level playing field. NEO is a non-venture stock exchange and lists senior companies and investment products seeking a stock exchange that enables investor trust, quality liquidity, and broad awareness including unfettered access to market data.
About Silver Spike III Acquisition Corp.
Silver Spike III Acquisition Corp. is a newly organized special purpose acquisition corporation incorporated under the laws of the Province of British Columbia for the purpose of effecting, directly or indirectly, a qualifying transaction within a specified period of time.
About Silver Spike Capital
Headquartered in New York, with a satellite office in Toronto, Silver Spike Capital is an investment manager focused on the cannabis and alternative health and wellness industries. The firm offers diversified private credit and equity-related investment opportunities in the emerging and rapidly accelerating U.S. state and federally compliant cannabis, hemp, and other cannabinoid sectors. Silver Spike also manages a venture fund focused on the nascent psychedelics industry.
With over three decades of investment experience, Silver Spike’s investment professionals include early cannabis investors, entrepreneurs, operators, and researchers as well as emerging market finance veterans experienced in complex legal and regulatory characteristics that mirror the current cannabis landscape today.