IRVINE, Calif.–(BUSINESS WIRE)–WM Holding Firm, LLC (“WMH” or the “Firm”), a number one expertise and software program infrastructure supplier to the hashish business, introduced in the present day that it has accomplished its previously announced business combination with Silver Spike Acquisition Corp. (Ticker: “SSPK”).
The transaction was unanimously authorized by SSPK’s Board of Administrators and was authorized at a particular assembly of SSPK stockholders on June 10, 2021. In reference to the closing, SSPK modified its title to WM Expertise, Inc. The ticker image for the widespread inventory will change from “SSPK” to “MAPS” and can start buying and selling as such on the Nasdaq Inventory Market on June 16, 2021.
Based in 2008, WMH operates Weedmaps, a number one on-line listings market for hashish customers and companies, and WM Enterprise, one of the crucial complete SaaS subscription choices offered to hashish retailers and types. The Firm supplies software program and different expertise options and is non-plant touching. WMH has a historical past of progress since its inception. From fiscal yr 2014 by way of 2020, the Firm grew income at a CAGR of 35% and expanded its gross margin charge from 92% to 95%. For the yr ended December 31, 2020, WMH generated $162 million of income, internet earnings of $39 million and Adjusted EBITDA of $43 million.
WMH’s senior administration staff will proceed to guide the now mixed firm, together with Chris Beals (Chief Government Officer), Arden Lee (Chief Monetary Officer), Juanjo Feijoo (Chief Working Officer and Chief Advertising and marketing Officer), Justin Dean (Chief Expertise Officer and Chief Info Officer), and Brian Camire (Common Counsel).
“We’re excited to finish this enterprise mixture, which can additional advance our mission to energy a clear and inclusive world hashish economic system, additional solidify our place as a number one expertise platform to the hashish business, and speed up our progress,” mentioned Chris Beals, Chief Government Officer of WMH. “We proceed to profit from robust, sustainable macro tailwinds as hashish legalization advances all through the U.S. and internationally. As a public firm, we now have a good stronger platform to advocate for legalization, social fairness and licensing in lots of jurisdictions, whereas offering hashish companies with the instruments wanted to achieve a extremely complicated world of rules. We’re effectively positioned to proceed scaling the Weedmaps market in service of our customers, whereas increasing the performance of our WM Enterprise SaaS choices in service of our shoppers.”
Scott Gordon, CEO and Chairman of SSPK, commented, “We’re proud to finish the mixture of Silver Spike and WMH, additional establishing Weedmaps as a number one on-line listings market for hashish customers and companies, and WM Enterprise as probably the most complete SaaS subscription providing offered to hashish retailers and types. We consider WMH is probably the most compelling funding alternative in hashish in the present day and as a public firm, WMH is uniquely positioned to ship on its imaginative and prescient of serving to licensed hashish companies thrive whereas driving progress and returns for shareholders.”
The transaction supplies $579 million of gross proceeds primarily comprised of $254 million of money from SSPK’s former belief account and $325 million of money from a non-public funding in public fairness (PIPE), not together with transaction charges. The PIPE is anchored by traders together with funds and accounts managed by AFV Companions, the Federated Hermes Kaufmann Funds and Senvest Administration LLC together with a $35 million dedication from Silver Spike Capital. $125 million in proceeds will likely be delivered to the stability sheet of WMH as main capital, together with to pay transaction bills and used to fund the corporate’s deliberate progress, together with additional scaling its cloud-based WM Enterprise SaaS subscription providing, and rising its lively person base and enterprise listings within the U.S. and worldwide markets. $455 million in proceeds will go to present WMH fairness holders. WMH’s government officers have rolled 100% of their fairness holdings as a part of the transaction. A extra detailed description of the transaction will be discovered within the definitive proxy assertion filed by SSPK with the SEC on Could 26, 2021.
Rothschild & Co. served as unique monetary and capital markets adviser and Cooley LLP and Dentons LLP served as authorized advisors to WM Holding Firm, LLC. Stifel, Nicolaus & Firm, Included and Piper Sandler & Co. served as joint placement brokers and monetary advisors. BTIG, LLC, Canaccord Genuity LLC, JMP Securities LLC, and Belief Securities, Inc. additionally served as capital 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 authorized advisors to the founders of WM Holding.
About WM Holding Firm, LLC
WM Holding Firm, LLC’s mission is to energy a clear and inclusive world hashish economic system. Now in its second decade, WMH has been a driving drive behind a lot of the legislative change we’ve seen prior to now 10 years.
Based in 2008, WMH, is a number one expertise and software program infrastructure supplier to the hashish business, comprising a B2C platform, Weedmaps, and B2B software program, WM Enterprise. The cloud-based SaaS options from WM Enterprise present an end-to-end working system for hashish retailers. WM Enterprise’ instruments help compliance with the complicated, disparate, and continuously evolving rules relevant to the hashish business. By way of its web site and cellular apps, WM Holding supplies customers with the most recent details about hashish retailers, manufacturers, and merchandise, facilitating product discovery and driving engagement with our retail and model prospects.
WMH holds a robust perception within the energy of hashish and the significance of enabling protected, authorized entry to customers worldwide. Since inception, WMH has labored tirelessly, not solely to turn out to be probably the most complete platform for customers, however to construct the software program options that energy companies compliantly within the house, to advocate for legalization, social fairness, and licensing in lots of jurisdictions, and to facilitate additional studying by way of partnering with material consultants on offering detailed, correct details about the plant.
Headquartered in Irvine, California, WMH employs roughly 430 professionals world wide. WMH helps distant work for all eligible workers 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 Capital, is a clean test firm fashioned for the aim of effecting a merger, amalgamation, share change, asset acquisition, share buy, reorganization, or related enterprise mixture with a number of companies.
The administration staff and board of administrators are composed of veteran hashish and finance business executives and founders, together with Scott Gordon, founder, and CEO of the corporate, who started investing within the hashish business in 2014 and in 2016 co-founded and have become Chairman of Egg Rock Holdings, the mum or dad firm of the Papa & Barkley household of hashish merchandise with associated subsidiary property in manufacturing, processing and logistics; and Dr. Orrin Devinsky, director of the corporate, who’s the director of the NYU Langone Complete Epilepsy Heart and is a Professor of Neurology, Neuroscience, Psychiatry, and Neuroscience on the NYU Faculty of Medication and who, since 2016 has served because the Chair of the Medical Advisory Board at Tilray, a pharmaceutical and hashish firm.
About Silver Spike Capital
Silver Spike Capital is an funding supervisor centered on the hashish and various well being & wellness industries. The agency gives diversified personal credit score and equity-related funding alternatives within the rising and quickly accelerating state and federally compliant hashish, hemp, and different cannabinoid sectors. Silver Spike additionally manages a enterprise fund centered on the nascent psychedelics business.
With over three a long time of funding expertise, Silver Spike’s funding professionals embrace early hashish traders, entrepreneurs, operators, and researchers in addition to rising market finance veterans skilled in complicated authorized and regulatory traits that mirror the present hashish panorama in the present day.
Silver Spike Capital is headquartered in New York with a satellite tv for pc workplace in Toronto. To be taught extra, please go to us at www.silverspikecap.com.
The data on this press launch consists of “forward-looking statements” inside the that means of the “protected harbor” provisions of the USA Personal Securities Litigation Reform Act of 1995. Ahead-looking statements could also be recognized by way of phrases similar to “estimate,” “plan,” “venture,” “forecast,” “intend,” “will,” “anticipate,” “anticipate,” “consider,” “search,” “goal” or different related expressions that predict or point out future occasions or tendencies or that aren’t statements of historic issues. These forward-looking statements embrace, however are usually not restricted to, statements concerning estimates and forecasts of economic and efficiency metrics, projections of market alternative and market share, expectations and timing associated to business product launches, potential advantages of the transaction and the potential success of WMH’s go-to-market technique, and expectations associated to WMH’s capability to scale its enterprise and broaden its choices. These statements are based mostly on varied assumptions, whether or not or not recognized on this press launch, and on the present expectations of WMH’s administration and are usually not predictions of precise efficiency. These forward-looking statements are supplied for illustrative functions solely and are usually not meant to function, and should not be relied on by any investor as, a assure, an assurance, a prediction or a definitive assertion of reality or chance. Precise occasions and circumstances are troublesome or inconceivable to foretell and can differ from assumptions. Many precise occasions and circumstances are past the management of WMH. These forward-looking statements are topic to quite a few dangers and uncertainties, together with modifications in home and overseas enterprise, market, monetary, political and authorized circumstances; failure to appreciate the anticipated advantages of the proposed enterprise mixture; dangers regarding the uncertainty of the projected monetary data with respect to WMH; future world, regional or native financial and market circumstances affecting the hashish business; the event, results and enforcement of legal guidelines and rules, together with with respect to the hashish business; WMH’s capability to efficiently capitalize on new and present hashish markets, together with its capability to efficiently monetize its options in these markets; WMH’s capability to handle future progress; WMH’s capability to develop new merchandise and options, carry them to market in a well timed method, and make enhancements to its platform and WMH’s capability to keep up and develop its two sided digital community, together with its capability to accumulate and retain paying prospects; the consequences of competitors on WMH’s future enterprise; the power of WMH to difficulty fairness or equity-linked securities in reference to the proposed enterprise mixture or sooner or later; the result of any potential litigation, authorities and regulatory proceedings, investigations and inquiries; and people components mentioned within the ultimate prospectus dated August 7, 2019, Annual Report on Kind 10-Okay for the fiscal yr ended December 31, 2020 and Quarterly Report on Kind 10-Q for the quarter ended March 31, 2021 and the registration assertion on Kind S-4, in every case, beneath the heading “Threat Elements,” and different paperwork filed, or to be filed, with the Securities and Alternate Fee (“SEC”). If any of those dangers materialize or our assumptions show incorrect, precise outcomes may differ materially from the outcomes implied by these forward-looking statements. There could also be further dangers that WMH doesn’t presently know or that WMH at present believes are immaterial that would additionally trigger precise outcomes to vary from these contained within the forward-looking statements. As well as, forward-looking statements mirror WMH’s expectations, plans or forecasts of future occasions and views as of the date of this press launch. WMH anticipates that subsequent occasions and developments will trigger WMH’s assessments to vary. Nonetheless, whereas WMH might elect to replace these forward-looking statements in some unspecified time in the future sooner or later, WMH particularly disclaim any obligation to take action. These forward-looking statements shouldn’t be relied upon as representing WMH’s assessments as of any date subsequent to the date of this press launch. Accordingly, undue reliance shouldn’t be positioned upon the forward-looking statements.