Silver Spike Acquisition II in an 8-K filing disclosed an amendement to its merger termination agreement with Eleusis that gives the SPAC a breakup fee of 3% of the psychedelics firm’s equity after its next capital raise, sale or liquidity event.
If this occurs after the SPAC closes a merger with a different company, the Eleusis equity would be placed in an escrow account with a third-party payment agent, according to the filing.
The parties mutually agreed to terminate the deal in June, with Silver Spike noting at the time it intends to pursue another business combination. The SPAC has until March 2023 to do so. Read more.
