IRVINE, Calif.–(Small business WIRE)–WM Keeping Organization, LLC (“WMH” or the “Company”), a major know-how and software program infrastructure provider to the cannabis industry, introduced nowadays that it has done its earlier announced business combination with Silver Spike Acquisition Corp. (Ticker: “SSPK”).
The transaction was unanimously approved by SSPK’s Board of Directors and was authorized at a exclusive meeting of SSPK stockholders on June 10, 2021. In relationship with the closing, SSPK transformed its identify to WM Technological innovation, Inc. The ticker image for the common inventory will alter from “SSPK” to “MAPS” and will begin trading as this kind of on the Nasdaq Stock Industry on June 16, 2021.
Founded in 2008, WMH operates Weedmaps, a primary online listings marketplace for cannabis people and organizations, and WM Organization, a single of the most complete SaaS subscription choices marketed to cannabis suppliers and manufacturers. The Firm offers software and other technological innovation answers and is non-plant touching. WMH has a record of expansion because its inception. From fiscal calendar year 2014 by means of 2020, the Company grew income at a CAGR of 35% and expanded its gross margin fee from 92% to 95%. For the year finished December 31, 2020, WMH produced $162 million of earnings, net earnings of $39 million and Altered EBITDA of $43 million.
WMH’s senior management staff will continue to lead the now combined enterprise, together with Chris Beals (Main Government Officer), Arden Lee (Main Economic Officer), Juanjo Feijoo (Chief Operating Officer and Main Internet marketing Officer), Justin Dean (Main Technological know-how Officer and Chief Data Officer), and Brian Camire (Normal Counsel).
“We are energized to total this small business combination, which will additional progress our mission to power a clear and inclusive worldwide hashish economic system, further solidify our place as a top technologies system to the hashish field, and speed up our progress,” mentioned Chris Beals, Main Govt Officer of WMH. “We go on to advantage from potent, sustainable macro tailwinds as cannabis legalization improvements all through the U.S. and internationally. As a general public company, we now have an even stronger platform to advocate for legalization, social fairness and licensing in several jurisdictions, even though delivering hashish firms with the tools desired to thrive in a extremely complex environment of restrictions. We are properly positioned to continue on scaling the Weedmaps market in assistance of our consumers, while expanding the operation of our WM Business enterprise SaaS choices in services of our purchasers.”
Scott Gordon, CEO and Chairman of SSPK, commented, “We are happy to full the mix of Silver Spike and WMH, additional developing Weedmaps as a major on-line listings market for hashish buyers and organizations, and WM Business as the most thorough SaaS membership presenting offered to cannabis stores and makes. We consider WMH is the most compelling investment prospect in hashish currently and as a community enterprise, WMH is uniquely positioned to produce on its eyesight of helping licensed hashish enterprises prosper while driving advancement and returns for shareholders.”
Transaction Overview
The transaction offers $579 million of gross proceeds mainly comprised of $254 million of dollars from SSPK’s former rely on account and $325 million of funds from a non-public financial investment in public fairness (PIPE), not which include transaction costs. The PIPE is anchored by traders like resources and accounts managed by AFV Associates, the Federated Hermes Kaufmann Resources and Senvest Management LLC alongside with a $35 million motivation from Silver Spike Funds. $125 million in proceeds will be shipped to the balance sheet of WMH as principal funds, like to shell out transaction expenditures and utilised to fund the company’s planned advancement, such as additional scaling its cloud-based WM Business SaaS subscription offering, and escalating its active person foundation and business listings in the U.S. and intercontinental markets. $455 million in proceeds will go to current WMH equity holders. WMH’s executive officers have rolled 100% of their fairness holdings as portion of the transaction. A additional in-depth description of the transaction can be found in the definitive proxy assertion submitted by SSPK with the SEC on May 26, 2021.
Advisors
Rothschild & Co. served as exceptional fiscal and capital marketplaces adviser and Cooley LLP and Dentons LLP served as legal advisors to WM Holding Business, LLC. Stifel, Nicolaus & Business, Integrated and Piper Sandler & Co. served as joint placement agents and financial advisors. BTIG, LLC, Canaccord Genuity LLC, JMP Securities LLC, and Trust Securities, Inc. also served as funds markets advisors and Davis Polk & Wardwell LLP served as lawful advisor to Silver Spike Acquisition Corp. Gibson, Dunn & Crutcher LLP and Jonathan Dennis served as authorized advisors to the founders of WM Holding.
About WM Keeping Business, LLC
WM Keeping Enterprise, LLC’s mission is to power a transparent and inclusive international cannabis financial state. Now in its next ten years, WMH has been a driving power driving a lot of the legislative adjust we’ve noticed in the past 10 yrs.
Founded in 2008, WMH, is a leading engineering and program infrastructure supplier to the cannabis business, comprising a B2C platform, Weedmaps, and B2B application, WM Business. The cloud-based mostly SaaS options from WM Small business provide an stop-to-conclusion operating process for cannabis retailers. WM Business’ applications support compliance with the sophisticated, disparate, and constantly evolving polices relevant to the hashish business. By its web page and mobile applications, WM Holding presents shoppers with the most recent facts about hashish merchants, makes, and solutions, facilitating solution discovery and driving engagement with our retail and manufacturer prospects.
WMH holds a sturdy belief in the electrical power of cannabis and the value of enabling harmless, legal accessibility to customers around the world. Because inception, WMH has worked tirelessly, not only to develop into the most extensive system for people, but to establish the software package remedies that electric power companies compliantly in the house, to advocate for legalization, social equity, and licensing in several jurisdictions, and to facilitate even more mastering through partnering with subject matter subject experts on supplying thorough, exact information and facts about the plant.
Headquartered in Irvine, California, WMH employs approximately 430 gurus close to the globe. WMH supports distant operate for all qualified personnel and has hubs in Denver, Colorado Los Angeles, California and Kitchener, Ontario. Go to us at www.weedmaps.com.
About Silver Spike Acquisition Corp.
Silver Spike Acquisition Corp., an affiliate of Silver Spike Funds, is a blank examine business formed for the intent of effecting a merger, amalgamation, share exchange, asset acquisition, share order, reorganization, or very similar small business mix with just one or extra corporations.
The administration team and board of directors are composed of veteran cannabis and finance marketplace executives and founders, such as Scott Gordon, founder, and CEO of the business, who started investing in the cannabis sector in 2014 and in 2016 co-established and turned Chairman of Egg Rock Holdings, the mother or father firm of the Papa & Barkley relatives of hashish products and solutions with relevant subsidiary property in production, processing and logistics and Dr. Orrin Devinsky, director of the enterprise, who is the director of the NYU Langone Complete Epilepsy Centre and is a Professor of Neurology, Neuroscience, Psychiatry, and Neuroscience at the NYU Faculty of Medication and who, given that 2016 has served as the Chair of the Professional medical Advisory Board at Tilray, a pharmaceutical and hashish enterprise.
About Silver Spike Capital
Silver Spike Money is an expense supervisor targeted on the hashish and different wellbeing & wellness industries. The company presents diversified non-public credit and fairness-related investment decision prospects in the emerging and fast accelerating condition and federally compliant cannabis, hemp, and other cannabinoid sectors. Silver Spike also manages a venture fund centered on the nascent psychedelics sector.
With about 3 decades of investment decision encounter, Silver Spike’s financial investment specialists incorporate early hashish traders, business people, operators, and scientists as effectively as emerging market finance veterans professional in elaborate lawful and regulatory features that mirror the present cannabis landscape today.
Silver Spike Capital is headquartered in New York with a satellite office environment in Toronto. To study more, remember to pay a visit to us at www.silverspikecap.com.
Forward-On the lookout Statements
The details in this push launch includes “forward-seeking statements” inside the that means of the “safe harbor” provisions of the United States Personal Securities Litigation Reform Act of 1995. Forward-hunting statements may possibly be recognized by the use of terms this kind of as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or point out long run functions or developments or that are not statements of historic issues. These ahead-hunting statements contain, but are not restricted to, statements relating to estimates and forecasts of fiscal and effectiveness metrics, projections of market place possibility and current market share, expectations and timing connected to business product launches, potential advantages of the transaction and the probable achievements of WMH’s go-to-market place approach, and expectations associated to WMH’s capacity to scale its company and grow its choices. These statements are based on different assumptions, no matter if or not determined in this press release, and on the present expectations of WMH’s management and are not predictions of precise overall performance. These forward-seeking statements are supplied for illustrative applications only and are not intended to serve as, and have to not be relied on by any investor as, a assure, an assurance, a prediction or a definitive assertion of reality or probability. Actual gatherings and conditions are hard or impossible to forecast and will vary from assumptions. Quite a few real activities and situations are further than the management of WMH. These forward-looking statements are matter to a number of pitfalls and uncertainties, which include alterations in domestic and overseas small business, industry, monetary, political and authorized disorders failure to notice the anticipated benefits of the proposed company mix dangers relating to the uncertainty of the projected fiscal information with regard to WMH potential world, regional or local financial and industry situations influencing the hashish marketplace the development, outcomes and enforcement of laws and polices, which include with regard to the cannabis marketplace WMH’s capability to correctly capitalize on new and existing cannabis markets, which include its capability to correctly monetize its methods in all those marketplaces WMH’s capacity to deal with upcoming advancement WMH’s means to produce new products and options, bring them to industry in a well timed manner, and make enhancements to its system and WMH’s capability to manage and develop its two sided digital community, including its ability to obtain and retain having to pay consumers the results of levels of competition on WMH’s long run small business the ability of WMH to difficulty fairness or equity-connected securities in link with the proposed enterprise blend or in the potential the consequence of any probable litigation, governing administration and regulatory proceedings, investigations and inquiries and individuals variables reviewed in the ultimate prospectus dated August 7, 2019, Annual Report on Kind 10-K for the fiscal yr finished December 31, 2020 and Quarterly Report on Form 10-Q for the quarter finished March 31, 2021 and the registration statement on Form S-4, in each scenario, less than the heading “Risk Things,” and other paperwork submitted, or to be submitted, with the Securities and Trade Fee (“SEC”). If any of these hazards materialize or our assumptions prove incorrect, real success could differ materially from the success implied by these ahead-hunting statements. There may be extra threats that WMH does not presently know or that WMH at the moment thinks are immaterial that could also bring about true success to differ from all those contained in the ahead-looking statements. In addition, ahead-wanting statements reflect WMH’s anticipations, designs or forecasts of long run situations and views as of the date of this press release. WMH anticipates that subsequent functions and developments will cause WMH’s assessments to modify. On the other hand, whilst WMH could elect to update these ahead-looking statements at some stage in the upcoming, WMH specifically disclaim any obligation to do so. These ahead-on the lookout statements ought to not be relied on as representing WMH’s assessments as of any day subsequent to the day of this press release. Appropriately, undue reliance ought to not be positioned on the forward-wanting statements.