WM Holding Company and Silver Spike Acquisition announced today a definitive agreement for a business combination.
The estimated post transaction equity value of the combined company is approximately $1.5 billion, based on a $10 per share PIPE price and no redemptions by Silver Spike shareholders. The deal would provide up to $575 million of gross proceeds, including $325 million through a fully-committed stock PIPE. The PIPE includes commitments from existing investors including Silver Spike Capital, and new institutional investors including funds managed by AFV Partners, the Federated Hermes Kaufmann Funds and Senvest Management.
WM operates Weedmaps, an online listings marketplace for cannabis consumers and businesses, and WM Business, a SaaS subscription offering sold to cannabis retailers and brands.
If the deal is approved, the combined company would trade on the Nasdaq.
WMH and Silver Spike will host a joint investor conference call to discuss the proposed transaction Thursday, December 10, 2020 at 8:30am ET. Interested parties may listen to the prepared remarks via telephone by dialing 1-800-585-8367 (U.S.) or 1-416-621-4642 (International) and entering Conference ID: 7745849.Read more.
