TORONTO, ON / ACCESSWIRE / November 28, 2022 / Silver Spike III Acquisition Corp. (NEO:"SPKC.U" and "SPKC.WT.U") ("Silver Spike" or the "Corporation") announced today that it has extended the permitted timeline to complete a qualifying transaction to May 27, 2023 (the "Extension"). The Extension was previously approved at a special meeting of the holders (the "Class A Restricted Voting Shareholders") of Class A restricted voting shares of Silver Spike (the "Class A Restricted Voting Shares") held on November 18, 2022. Silver Spike's board of directors has also approved the Extension, which is effective as of November 27, 2022.
In connection with the Extension, Class A Restricted Voting Shareholders were provided with the option to redeem all or a portion of their Class A Restricted Voting Shares and an aggregate of 12,018,157 Class A Restricted Voting Shares were deposited and not withdrawn and will accordingly be redeemed. A payment of US$10.20 per redeemed Class A Restricted Voting Share is being made to redeeming Class A Restricted Voting Shareholders. Following the redemptions, Silver Spike is expected to have 481,843 Class A Restricted Voting Shares issued and outstanding.
About Silver Spike III Acquisition Corp.
Silver Spike is a special purpose acquisition corporation incorporated under the laws of the Province of British Columbia for the purpose of effecting an acquisition of one or more businesses or assets, by way of a merger, amalgamation, arrangement, share exchange, asset acquisition, share purchase, reorganization, or any other similar business combination involving the Corporation. Silver Spike is continuing to explore potential targets for a qualifying transaction.
Forward-Looking Statements
This press release may contain forward-looking information within the meaning of applicable securities legislation and includes statements which reflect Silver Spike's current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Silver Spike's control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the risk that a qualifying transaction may not be completed by Silver Spike's qualifying transaction deadline and the potential failure to obtain Class A Restricted Voting Shareholder approval for the Proposed Extension, the failure to satisfy the conditions to the consummation of any proposed qualifying transaction, the impact of the COVID-19 pandemic, the ongoing conflict between Russia and Ukraine and any actions taken by other countries in response thereto, such as sanctions or export controls and the factors discussed under "Risk Factors" in the Corporation's final prospectus dated February 25, 2020. Silver Spike undertakes no obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
FOR FURTHER INFORMATION PLEASE CONTACT:
Silver Spike III Acquisition Corp.
William Healy
bill@silverspikecap.com
SOURCE: Silver Spike III Acquisition Corp.
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