Cannabis-focused finance company Silver Spike Investment Corp. priced its initial public offering of 6.07 million shares of its common stock at $14.00 per share.
Shares of common stock of SSIC are expected to begin trading on the NASDAQ Stock Market on February 4, 2022 under the symbol “SSIC.”
The company also granted the underwriters an option to purchase up to an additional 910,714 shares of its common stock. The closing of the offering is subject to customary closing conditions, and the shares are expected to be delivered on or about February 8, 2022.
SSIC will be managed by Silver Spike Capital, LLC.
The company's investment objective will be to maximize risk-adjusted returns on equity for its shareholders, 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.
SSIC intends to use the net proceeds of this offering to make investments in accordance with its investment objective and strategies and for general corporate purposes.
Stifel and Piper Sandler are acting as joint book-running managers for the offering. Canaccord Genuity and Cantor are acting as co-managers for the offering.
Photo: Courtesy of Esteban Lopez on Unsplash
