IRVINE, Calif.–(Small business WIRE)–WM Holding Firm, LLC (“WMH” or the “Company”), a major technological know-how and program infrastructure provider to the cannabis industry, announced currently that it has completed its earlier announced company mix with Silver Spike Acquisition Corp. (Ticker: “SSPK”).
The transaction was unanimously permitted by SSPK’s Board of Administrators and was authorized at a particular conference of SSPK stockholders on June 10, 2021. In relationship with the closing, SSPK modified its name to WM Technologies, Inc. The ticker image for the widespread inventory will change from “SSPK” to “MAPS” and will start trading as this sort of on the Nasdaq Stock Current market on June 16, 2021.
Established in 2008, WMH operates Weedmaps, a primary on line listings marketplace for cannabis people and corporations, and WM Company, 1 of the most detailed SaaS subscription offerings offered to hashish suppliers and brands. The Corporation presents software program and other technological know-how remedies and is non-plant touching. WMH has a history of expansion given that its inception. From fiscal year 2014 by means of 2020, the Organization grew revenue at a CAGR of 35% and expanded its gross margin level from 92% to 95%. For the 12 months ended December 31, 2020, WMH created $162 million of profits, web profits of $39 million and Adjusted EBITDA of $43 million.
WMH’s senior management staff will proceed to direct the now put together business, like Chris Beals (Chief Executive Officer), Arden Lee (Chief Financial Officer), Juanjo Feijoo (Main Working Officer and Chief Promoting Officer), Justin Dean (Main Know-how Officer and Main Info Officer), and Brian Camire (Normal Counsel).
“We are excited to total this organization combination, which will additional progress our mission to electrical power a transparent and inclusive global hashish economic climate, even more solidify our position as a primary technology system to the cannabis market, and accelerate our development,” said Chris Beals, Main Govt Officer of WMH. “We go on to gain from sturdy, sustainable macro tailwinds as cannabis legalization advances all over the U.S. and internationally. As a general public organization, we now have an even more robust platform to advocate for legalization, social fairness and licensing in a lot of jurisdictions, when offering cannabis businesses with the equipment required to do well in a remarkably elaborate entire world of polices. We are properly positioned to proceed scaling the Weedmaps market in services of our consumers, whilst increasing the functionality of our WM Business SaaS offerings in services of our customers.”
Scott Gordon, CEO and Chairman of SSPK, commented, “We are proud to finish the mix of Silver Spike and WMH, even more establishing Weedmaps as a foremost on-line listings marketplace for cannabis shoppers and corporations, and WM Business as the most extensive SaaS membership presenting marketed to hashish retailers and brands. We imagine WMH is the most persuasive financial investment opportunity in hashish right now and as a general public enterprise, WMH is uniquely positioned to supply on its vision of helping accredited cannabis businesses prosper although driving advancement and returns for shareholders.”
The transaction presents $579 million of gross proceeds principally comprised of $254 million of income from SSPK’s former rely on account and $325 million of money from a non-public investment in public equity (PIPE), not together with transaction costs. The PIPE is anchored by investors together with money and accounts managed by AFV Partners, the Federated Hermes Kaufmann Resources and Senvest Administration LLC alongside with a $35 million determination from Silver Spike Money. $125 million in proceeds will be delivered to the stability sheet of WMH as major funds, including to pay out transaction bills and used to fund the company’s prepared development, such as even more scaling its cloud-dependent WM Organization SaaS membership featuring, and growing its energetic consumer base and small business listings in the U.S. and worldwide markets. $455 million in proceeds will go to present WMH equity holders. WMH’s executive officers have rolled 100% of their fairness holdings as section of the transaction. A more specific description of the transaction can be found in the definitive proxy assertion submitted by SSPK with the SEC on May perhaps 26, 2021.
Rothschild & Co. served as exclusive fiscal and capital marketplaces adviser and Cooley LLP and Dentons LLP served as lawful advisors to WM Keeping Firm, LLC. Stifel, Nicolaus & Company, Included and Piper Sandler & Co. served as joint placement brokers and money advisors. BTIG, LLC, Canaccord Genuity LLC, JMP Securities LLC, and Rely on Securities, Inc. also served as cash markets advisors and Davis Polk & Wardwell LLP served as authorized advisor to Silver Spike Acquisition Corp. Gibson, Dunn & Crutcher LLP and Jonathan Dennis served as legal advisors to the founders of WM Holding.
About WM Holding Company, LLC
WM Keeping Corporation, LLC’s mission is to ability a transparent and inclusive world hashish overall economy. Now in its second 10 years, WMH has been a driving pressure at the rear of significantly of the legislative transform we’ve found in the earlier 10 several years.
Founded in 2008, WMH, is a major know-how and software infrastructure supplier to the cannabis sector, comprising a B2C platform, Weedmaps, and B2B software package, WM Small business. The cloud-dependent SaaS remedies from WM Small business deliver an conclude-to-stop functioning process for cannabis merchants. WM Business’ equipment aid compliance with the complicated, disparate, and regularly evolving restrictions relevant to the cannabis sector. Via its website and cellular applications, WM Keeping supplies people with the most up-to-date data about hashish vendors, manufacturers, and products, facilitating solution discovery and driving engagement with our retail and brand name clients.
WMH holds a sturdy belief in the ability of cannabis and the great importance of enabling harmless, authorized accessibility to people worldwide. Since inception, WMH has labored tirelessly, not only to develop into the most detailed platform for customers, but to construct the application alternatives that power organizations compliantly in the place, to advocate for legalization, social equity, and licensing in a lot of jurisdictions, and to aid even more understanding as a result of partnering with matter make a difference gurus on supplying specific, correct data about the plant.
Headquartered in Irvine, California, WMH employs close to 430 experts all around the environment. WMH supports distant perform for all eligible staff 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 check out enterprise fashioned for the objective of effecting a merger, amalgamation, share exchange, asset acquisition, share invest in, reorganization, or identical organization combination with just one or additional companies.
The administration workforce and board of directors are composed of veteran hashish and finance industry executives and founders, together with Scott Gordon, founder, and CEO of the business, who started investing in the cannabis business in 2014 and in 2016 co-started and grew to become Chairman of Egg Rock Holdings, the guardian company of the Papa & Barkley household of cannabis products and solutions with similar subsidiary property in producing, processing and logistics and Dr. Orrin Devinsky, director of the company, who is the director of the NYU Langone Thorough Epilepsy Centre and is a Professor of Neurology, Neuroscience, Psychiatry, and Neuroscience at the NYU School of Drugs and who, considering the fact that 2016 has served as the Chair of the Health-related Advisory Board at Tilray, a pharmaceutical and cannabis company.
About Silver Spike Money
Silver Spike Money is an expenditure manager concentrated on the cannabis and option health and fitness & wellness industries. The firm features diversified non-public credit history and equity-similar financial commitment opportunities in the rising and promptly accelerating point out and federally compliant hashish, hemp, and other cannabinoid sectors. Silver Spike also manages a venture fund targeted on the nascent psychedelics market.
With in excess of three a long time of expenditure experience, Silver Spike’s expenditure industry experts include early hashish investors, entrepreneurs, operators, and researchers as very well as emerging market place finance veterans seasoned in elaborate lawful and regulatory qualities that mirror the present cannabis landscape nowadays.
Silver Spike Cash is headquartered in New York with a satellite office environment in Toronto. To study extra, make sure you stop by us at www.silverspikecap.com.
The information and facts in this push release involves “ahead-searching statements” within just the which means of the “safe harbor” provisions of the United States Non-public Securities Litigation Reform Act of 1995. Ahead-searching statements could be identified by the use of terms these kinds of as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other comparable expressions that predict or indicate upcoming events or tendencies or that are not statements of historical issues. These forward-seeking statements consist of, but are not constrained to, statements about estimates and forecasts of financial and efficiency metrics, projections of marketplace option and marketplace share, anticipations and timing associated to professional item launches, prospective positive aspects of the transaction and the probable results of WMH’s go-to-sector strategy, and anticipations related to WMH’s capacity to scale its small business and expand its offerings. These statements are primarily based on several assumptions, whether or not or not discovered in this press release, and on the present expectations of WMH’s administration and are not predictions of actual general performance. These ahead-on the lookout statements are offered for illustrative reasons only and are not intended to provide as, and should not be relied on by any trader as, a ensure, an assurance, a prediction or a definitive statement of truth or chance. Real activities and situation are tough or unachievable to predict and will vary from assumptions. Quite a few true functions and circumstances are past the handle of WMH. These ahead-searching statements are matter to a number of hazards and uncertainties, which includes variations in domestic and international company, market place, financial, political and lawful circumstances failure to notice the anticipated rewards of the proposed business mix challenges relating to the uncertainty of the projected fiscal information with regard to WMH upcoming world, regional or neighborhood economic and marketplace disorders impacting the hashish market the advancement, results and enforcement of guidelines and rules, together with with respect to the hashish industry WMH’s capability to successfully capitalize on new and existing hashish markets, together with its capacity to productively monetize its answers in individuals marketplaces WMH’s skill to regulate potential expansion WMH’s capacity to acquire new products and answers, provide them to industry in a well timed fashion, and make enhancements to its platform and WMH’s skill to manage and increase its two sided digital network, including its capability to purchase and keep having to pay prospects the outcomes of competitiveness on WMH’s long term business the ability of WMH to concern fairness or fairness-connected securities in relationship with the proposed company combination or in the foreseeable future the result of any possible litigation, govt and regulatory proceedings, investigations and inquiries and individuals elements discussed in the ultimate prospectus dated August 7, 2019, Once-a-year Report on Kind 10-K for the fiscal calendar year ended December 31, 2020 and Quarterly Report on Sort 10-Q for the quarter finished March 31, 2021 and the registration assertion on Sort S-4, in each individual scenario, below the heading “Risk Variables,” and other files submitted, or to be filed, with the Securities and Trade Fee (“SEC”). If any of these dangers materialize or our assumptions demonstrate incorrect, genuine outcomes could differ materially from the benefits implied by these forward-seeking statements. There may be additional dangers that WMH does not presently know or that WMH currently thinks are immaterial that could also lead to genuine success to vary from those contained in the ahead-wanting statements. In addition, forward-wanting statements mirror WMH’s anticipations, ideas or forecasts of foreseeable future occasions and sights as of the day of this push launch. WMH anticipates that subsequent activities and developments will induce WMH’s assessments to alter. Nonetheless, whilst WMH may perhaps elect to update these forward-seeking statements at some point in the upcoming, WMH particularly disclaim any obligation to do so. These ahead-seeking statements ought to not be relied upon as symbolizing WMH’s assessments as of any day subsequent to the day of this press release. Appropriately, undue reliance must not be positioned on the forward-seeking statements.