Silver Spike Acquisition Corp. II (NASDAQ:SPKB) announced in an 8-K filing this morning that it would be receiving shares as compensation for the termination of its merger agreement with biopharmaceutical firm Eleusis.
The parties terminated the merger on June 9, but the breakup fee has been subject to continued negotiation. The SPAC is now to receive an amount of shares equal to 3% of Eleusis’ total equity at its next capital raise, liquidity event or sale of the company. Should this occur after Silver Spike II has consummated a different business combination or liquidated, then these shares will be placed in escrow with a third-party payment agent.
For now, Silver Spike II says it will continue to seek a new business combination and has until March 15, 2023 under its original deadline to do so. The team closed its first deal in 2021 with WM Holding, an ecommerce platform connecting consumers with local cannabis products.
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