Eleusis SPAC
Applicable Recent deSPAC Experience - SSPK merger with WM Holdings
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WHO IS WM HOLDINGS?
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SILVER SPIKE
CAPITAL
eleusis
weedmaps
WM Holding ("WMH") operates Weedmaps, the leading online listings marketplace for
cannabis consumers, and WM Business, a comprehensive software-as-a-service ("SaaS")
subscription offering for cannabis retailers and brands
WMH provides consumers with information regarding cannabis retailers and brands, as
well as the availability of cannabis products, facilitating product discovery and online order-
ahead for pickup or delivery by participating retailer
Solely provides software and other technology solutions and is non-plant touching
Millions of monthly active users and over 18,000 business listings across every U.S. state,
the District of Columbia and Puerto Rico with a legal cannabis market
Source: 1) https://www.sec.gov/Archives/edgar/data/1779474/000114036121020601/brhc10025706_8k.htm.
Silver Spike successfully listed a $250M Special Purpose Acquisition Company (SPAC) on the Nasdaq
(ticker: SSPK) in August 2019, representing the first Cannabis SPAC underwritten by a global
investment bank in the US, Credit Suisse
Silver Spike announced its merger agreement with WM Holdings, the leading technology platform
to the cannabis industry in December 2020
WM Holding operated Weedmaps, the leading online listings marketplace for cannabis consumers,
and WM Business, a comprehensive software-as-a-service ("SaaS”) subscription offering for
cannabis retailers and brands
The estimated post transaction equity value of the combined company is ~$1.5 billion and provided
$579 million of gross proceeds and a PIPE of $325 million (including $35mm contribution from
Silver Spike) (¹)
TRANSACTION SUMMARY(¹)
SSPK merged with WMH
Pro forma Enterprise Value of ~$1.5B
$325M PIPE raised at $10.00 per share:
100% rollover by WMH management
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