Silver Spike Investment IPO a downer

WM Technology

04/02/2022 18:09

** Silver Spike Investment  SSIC.O , business development
company focused on cannabis ecosystem, falls after IPO downsized
    ** SSIC opens flat to $14 IPO price. Shares last down 3.6%
at $13.50
    ** Co sells ~6.1 mln shares, raises $85 mln with Stifel and
Piper Sandler acting as joint bookrunners  urn:newsml:reuters.com:*:nBwqdv3wa
    ** Offering size reduced from 8.9 mln shares earlier this
week
    ** Co's sponsor/external manager Silver Spike Capital to buy
approx $50-$60 mln of IPO shares, per SEC filing https://www.sec.gov/Archives/edgar/data/1843162/000095010322001822/dp166095_n2a-6.htm
    ** Silver Spike Capital has also created two SPACs
(special-purpose acquisition companies)
    ** In Jan, it announced it would take public psychedelic
drug developer Eleusis in $446 mln merger with Silver Spike
Acquisition Corp II  SPKB.O . And last Jun, Silver Spike
Acquisition Corp (I) completed combination with cannabis
industry software provider WM Technology  MAPS.O 
    ** Shares of MAPS up 5.4% at $4.91 on Fri

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))