Eleusis, a clinical-stage life science company engaged in the therapeutic potential of psychedelics, and Silver Spike Acquisition II have signed a definitive business combination agreement. The deal is expected to generate gross proceeds of up to $288 million and implies a combined enterprise value of $446 million.
If approved, upon closing Eleusis will apply to liste on the Nasdaq under the symbol ELEU.
All existing Eleusis shareholders and other investors, including Eleusis’s management, will roll their equity into the combined company and will be subject to a one-year lockup, subject to certain exceptions and early release in select circumstances. Existing Eleusis shareholders and other investors will additionally receive earnout consideration at the closing of the transaction representing approximately 14% of an adjusted measure of the enterprise value of the combined company, which will vest only if and when the combined company’s stock price exceeds certain targets during a three-year period after the closing. Current owners of Eleusis will retain approximately 49% ownership of the combined company, assuming no redemptions by SPKB’s public shareholders and excluding the earnout consideration. Read more.
