Cannabis-focused finance company Silver Spike Investment Corp. announced a $125.02 million initial public offering. The New York-based company confirmed Tuesday that it plans to go public with 8.93 million shares at $14.00 per share. SSIC is expected to list its common stock on the NASDAQ under the symbol “SSIC.”
Spike Silver intends to use the net proceeds to make investments in accordance with its investment objective and strategies and for general corporate purposes.
Stifel, Nicolaus & Company, Incorporated and Piper Sandler & Co. are acting as joint book-running managers for the offering. Canaccord Genuity LLC and Cantor Fitzgerald & Co. are acting as co-managers.
The underwriters are expected to have the option to purchase up to an additional 1.4 million shares of common stock. The completion of the proposed offering depends upon several factors, including market and other conditions.
SSIC will be managed by Silver Spike Capital, LLC. Its investment objective will be to maximize risk-adjusted returns on equity for its shareholders. The company intends to achieve its investment objective by investing primarily in secured debt, unsecured debt, equity warrants and direct equity investments in middle-market cannabis companies and other companies in the health and wellness sector.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective.