Silver Spike II (NASDAQ:SPKB) announced in an 8-K this morning that it intends to adjourn its special meeting set to be held at noon ET today and postpone it until the same time March 10 without conducting any business.
The extra days will give Silver Spike II’s sponsor to engage with its investors and possibly come to non-redemption agreements which have become increasingly common in this season of votes. Investors do not currently have a business combination to mull over, however.
As a part of the breakup fee, the SPAC is to receive an amount of shares equal to 3% of Eleusis’ total equity at the firm’s next capital raise, liquidity event or sale of the company. Should this occur after Silver Spike II has consummated a different business combination or liquidated, then these shares will be placed in escrow with a third-party payment agent.
The team’s deadline for consummating a new deal is up on March 15, but its extension proposal on the ballot would allow it to automatically extend one month at a time up to nine times. The team closed its first deal in 2021 with WM Holding, an ecommerce platform connecting consumers with local cannabis products.