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Silver Spike Acquisition Corp. II (NASDAQ: SPKB/SPKBU/SPKBW) and Eleusis have mutually terminated their planned merger due to unfavorable market conditions. Effective immediately, this decision reflects the current challenges in the market landscape. Silver Spike II will continue to seek a suitable target for an initial business combination. A Current Report on Form 8-K will provide further details to the U.S. Securities and Exchange Commission. Eleusis focuses on transforming psychedelics into mainstream medicine, while Silver Spike II aims to operate in the cannabis and wellness sectors.
Eleusis Holdings Ltd has received a Notice of Allowance from the US Patent and Trademark Office for its proprietary psilocin salt form and formulations, marking a significant step for its lead drug candidate, ELE-Psilo. Designed for intravenous delivery, ELE-Psilo targets major depressive disorder and aims to provide consistent and controllable treatment. The company plans to initiate clinical trials in the UK in 2022. Furthermore, Eleusis has signed a definitive business combination agreement with Silver Spike Acquisition Corp. II (NASDAQ: SPKB/SPKBU/SPKBW), moving towards becoming a public company.
Silver Spike Acquisition Corp II has priced its IPO at $10.00 per unit, raising a total of $250 million through the sale of 25 million units. The units will trade on Nasdaq under the symbol 'SPKBU' starting March 11, 2021. Each unit contains one Class A ordinary share and one-fourth of a redeemable warrant, with the whole warrant priced at $11.50 per share. The company aims to merge with businesses in the cannabis sector that comply with legal standards. Credit Suisse and Stifel are managing the offering, which includes a 45-day option for underwriters to purchase additional units.
