WM Holding Organization, LLC, a Top Technologies Platform to the Hashish Industry, Completes Company Combination With Silver Spike Acquisition Corp.

IRVINE, Calif.–(Organization WIRE)–WM Keeping Organization, LLC (“WMH” or the “Company”), a leading know-how and software package infrastructure supplier to the cannabis marketplace, introduced these days that it has done its formerly introduced business enterprise mixture with Silver Spike Acquisition Corp. (Ticker: “SSPK”).

The transaction was unanimously approved by SSPK’s Board of Directors and was accredited at a distinctive assembly of SSPK stockholders on June 10, 2021. In link with the closing, SSPK modified its identify to WM Technological know-how, Inc. The ticker image for the widespread stock will improve from “SSPK” to “MAPS” and will get started buying and selling as these types of on the Nasdaq Stock Current market on June 16, 2021.

Launched in 2008, WMH operates Weedmaps, a primary on line listings marketplace for hashish individuals and corporations, and WM Enterprise, one of the most detailed SaaS subscription choices marketed to cannabis suppliers and brands. The Organization supplies program and other know-how answers and is non-plant touching. WMH has a history of growth considering that its inception. From fiscal 12 months 2014 via 2020, the Enterprise grew profits at a CAGR of 35% and expanded its gross margin level from 92% to 95%. For the 12 months finished December 31, 2020, WMH created $162 million of revenue, web revenue of $39 million and Altered EBITDA of $43 million.

WMH’s senior management crew will continue to direct the now put together corporation, which includes Chris Beals (Chief Executive Officer), Arden Lee (Chief Monetary Officer), Juanjo Feijoo (Chief Functioning Officer and Main Internet marketing Officer), Justin Dean (Main Technological innovation Officer and Main Details Officer), and Brian Camire (General Counsel).

We are fired up to comprehensive this business enterprise mixture, which will even more advance our mission to energy a clear and inclusive international hashish financial state, even further solidify our situation as a major know-how system to the hashish field, and speed up our development,” said Chris Beals, Main Government Officer of WMH. “We go on to benefit from robust, sustainable macro tailwinds as hashish legalization improvements throughout the U.S. and internationally. As a community enterprise, we now have an even more robust platform to advocate for legalization, social fairness and licensing in quite a few jurisdictions, whilst giving hashish firms with the equipment needed to thrive in a remarkably sophisticated globe of restrictions. We are nicely positioned to proceed scaling the Weedmaps market in support of our customers, even though increasing the performance of our WM Organization SaaS offerings in company of our consumers.”

Scott Gordon, CEO and Chairman of SSPK, commented, “We are proud to finish the combination of Silver Spike and WMH, additional establishing Weedmaps as a foremost on the internet listings market for hashish individuals and organizations, and WM Small business as the most in depth SaaS membership supplying sold to hashish merchants and makes. We feel WMH is the most persuasive financial commitment chance in cannabis now and as a public organization, WMH is uniquely positioned to provide on its eyesight of aiding accredited hashish organizations prosper although driving growth and returns for shareholders.”

Transaction Overview

The transaction delivers $579 million of gross proceeds mostly comprised of $254 million of cash from SSPK’s previous rely on account and $325 million of cash from a non-public financial investment in community equity (PIPE), not together with transaction costs. The PIPE is anchored by buyers like money and accounts managed by AFV Associates, the Federated Hermes Kaufmann Cash and Senvest Administration LLC along with a $35 million dedication from Silver Spike Money. $125 million in proceeds will be shipped to the equilibrium sheet of WMH as key capital, together with to fork out transaction expenses and utilised to fund the company’s prepared expansion, such as even further scaling its cloud-centered WM Company SaaS subscription giving, and growing its lively consumer base and small business listings in the U.S. and international marketplaces. $455 million in proceeds will go to present WMH fairness holders. WMH’s govt officers have rolled 100% of their equity holdings as aspect of the transaction. A additional in depth description of the transaction can be uncovered in the definitive proxy statement submitted by SSPK with the SEC on May perhaps 26, 2021.


Rothschild & Co. served as exceptional monetary and capital marketplaces adviser and Cooley LLP and Dentons LLP served as lawful advisors to WM Holding Enterprise, LLC. Stifel, Nicolaus & Corporation, Incorporated and Piper Sandler & Co. served as joint placement brokers and monetary advisors. BTIG, LLC, Canaccord Genuity LLC, JMP Securities LLC, and Trust Securities, Inc. also served as funds marketplaces advisors and Davis Polk & Wardwell LLP served as legal advisor to Silver Spike Acquisition Corp. Gibson, Dunn & Crutcher LLP and Jonathan Dennis served as lawful advisors to the founders of WM Holding.

About WM Keeping Business, LLC

WM Holding Company, LLC’s mission is to energy a transparent and inclusive world hashish economic system. Now in its 2nd 10 years, WMH has been a driving power at the rear of much of the legislative adjust we have seen in the past 10 many years.

Founded in 2008, WMH, is a main technologies and computer software infrastructure company to the cannabis marketplace, comprising a B2C system, Weedmaps, and B2B computer software, WM Small business. The cloud-centered SaaS remedies from WM Company present an end-to-conclude running technique for cannabis retailers. WM Business’ instruments guidance compliance with the elaborate, disparate, and constantly evolving polices relevant to the cannabis field. As a result of its website and cellular applications, WM Keeping supplies customers with the most recent information and facts about hashish vendors, manufacturers, and merchandise, facilitating solution discovery and driving engagement with our retail and manufacturer buyers.

WMH holds a solid belief in the electrical power of cannabis and the importance of enabling harmless, authorized access to buyers all over the world. Considering the fact that inception, WMH has worked tirelessly, not only to develop into the most detailed system for people, but to establish the software program remedies that power enterprises compliantly in the place, to advocate for legalization, social equity, and licensing in several jurisdictions, and to aid additional studying via partnering with issue subject authorities on giving specific, correct details about the plant.

Headquartered in Irvine, California, WMH employs about 430 specialists about the world. WMH supports remote operate for all qualified workers and has hubs in Denver, Colorado Los Angeles, California and Kitchener, Ontario. Pay a visit to us at www.weedmaps.com.

About Silver Spike Acquisition Corp.

Silver Spike Acquisition Corp., an affiliate of Silver Spike Capital, is a blank check firm formed for the objective of effecting a merger, amalgamation, share exchange, asset acquisition, share acquire, reorganization, or identical business enterprise mixture with just one or extra enterprises.

The management workforce and board of administrators are composed of veteran cannabis and finance industry executives and founders, including Scott Gordon, founder, and CEO of the company, who began investing in the cannabis sector in 2014 and in 2016 co-founded and became Chairman of Egg Rock Holdings, the dad or mum company of the Papa & Barkley relatives of cannabis items with related subsidiary assets in manufacturing, processing and logistics and Dr. Orrin Devinsky, director of the business, who is the director of the NYU Langone Thorough Epilepsy Centre and is a Professor of Neurology, Neuroscience, Psychiatry, and Neuroscience at the NYU University of Drugs and who, considering the fact that 2016 has served as the Chair of the Health care Advisory Board at Tilray, a pharmaceutical and hashish corporation.

About Silver Spike Money

Silver Spike Cash is an expenditure supervisor focused on the hashish and alternate well being & wellness industries. The organization presents diversified private credit history and equity-similar investment decision opportunities in the emerging and fast accelerating point out and federally compliant hashish, hemp, and other cannabinoid sectors. Silver Spike also manages a enterprise fund centered on the nascent psychedelics field.

With around 3 a long time of financial investment knowledge, Silver Spike’s financial commitment gurus include things like early hashish traders, business people, operators, and researchers as effectively as rising market place finance veterans experienced in elaborate legal and regulatory characteristics that mirror the present-day hashish landscape today.

Silver Spike Capital is headquartered in New York with a satellite office environment in Toronto. To learn a lot more, be sure to stop by us at www.silverspikecap.com.

Ahead-Wanting Statements

The information in this press launch involves “forward-searching statements” in the that means of the “safe harbor” provisions of the United States Personal Securities Litigation Reform Act of 1995. Ahead-searching statements may possibly be determined by the use of words and phrases these kinds of as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other very similar expressions that forecast or reveal long term events or trends or that are not statements of historical issues. These forward-looking statements involve, but are not constrained to, statements regarding estimates and forecasts of economical and overall performance metrics, projections of industry prospect and current market share, expectations and timing connected to professional product or service launches, opportunity added benefits of the transaction and the prospective good results of WMH’s go-to-sector method, and expectations associated to WMH’s skill to scale its business and extend its choices. These statements are based mostly on different assumptions, whether or not or not discovered in this press launch, and on the latest expectations of WMH’s management and are not predictions of true effectiveness. These ahead-seeking statements are furnished for illustrative needs only and are not meant to provide as, and must not be relied on by any investor as, a promise, an assurance, a prediction or a definitive assertion of fact or chance. Real situations and instances are hard or not possible to predict and will differ from assumptions. Several precise gatherings and situations are outside of the management of WMH. These ahead-on the lookout statements are subject matter to a amount of hazards and uncertainties, which includes variations in domestic and foreign organization, market place, economical, political and legal problems failure to understand the expected added benefits of the proposed small business combination risks relating to the uncertainty of the projected financial facts with respect to WMH potential world wide, regional or community financial and current market ailments affecting the hashish marketplace the growth, outcomes and enforcement of guidelines and restrictions, like with regard to the hashish market WMH’s capability to efficiently capitalize on new and existing hashish markets, like its potential to effectively monetize its alternatives in these marketplaces WMH’s ability to deal with future advancement WMH’s ability to establish new products and alternatives, bring them to industry in a timely method, and make enhancements to its system and WMH’s potential to manage and increase its two sided digital network, which include its means to obtain and retain paying shoppers the effects of levels of competition on WMH’s long term enterprise the capacity of WMH to situation equity or fairness-joined securities in link with the proposed company blend or in the potential the final result of any likely litigation, governing administration and regulatory proceedings, investigations and inquiries and all those aspects reviewed in the remaining prospectus dated August 7, 2019, Once-a-year Report on Sort 10-K for the fiscal 12 months ended December 31, 2020 and Quarterly Report on Type 10-Q for the quarter finished March 31, 2021 and the registration statement on Variety S-4, in each individual scenario, underneath the heading “Risk Aspects,” and other documents submitted, or to be filed, with the Securities and Exchange Commission (“SEC”). If any of these pitfalls materialize or our assumptions demonstrate incorrect, genuine outcomes could differ materially from the success implied by these ahead-searching statements. There may well be more hazards that WMH does not presently know or that WMH at the moment thinks are immaterial that could also result in true outcomes to vary from all those contained in the forward-on the lookout statements. In addition, ahead-on the lookout statements reflect WMH’s expectations, ideas or forecasts of potential events and views as of the day of this push release. WMH anticipates that subsequent events and developments will induce WMH’s assessments to improve. On the other hand, although WMH may perhaps elect to update these forward-looking statements at some stage in the potential, WMH specially disclaim any obligation to do so. These forward-searching statements must not be relied upon as symbolizing WMH’s assessments as of any day subsequent to the date of this press launch. Accordingly, undue reliance must not be put upon the ahead-looking statements.