Psychedelics company Eleusis to go public through SPAC Silver Spike Acquisition Corp. II

Natural Psychedelics cultivation

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  • Psychedelics sciences firm Eleusis plans to go public through a deal with SPAC Spike Acquisition Corp. II (NASDAQ:SPKB) in a deal that give the combined company an enterprise value of $446M. SPKB gained 1.2% in premarket trading.
  • The combined company expects to receive up to $287.5M of gross proceeds from SPKB’s trust account, according to a statement.
  • Eleusis will join other publicly traded psychedelics companies including Compass Pathways (NASDAQ:CMPS), CYBIN Inc. (NYSE:CYBN) and Mind Medicine (OTCQB:MMND). Eleusis going public also comes after Ketamine One (OTCPK:KONEF) in November said it plans to confidentially file a draft registration statement with the SEC for a potential U.S. IPO.
  • The transaction is expected to close in the second or third quarter of this year and Eleusis will apply to have its common stock listed on Nasdaq under the symbol “ELEU.”
  • Upon completion of the deal, the current owners of Eleusis will retain approximately 49% ownership of the combined company.
  • Canaccord is serving as financial advisor and Latham & Watkins LLP is serving as legal advisor to Eleusis. Credit Suisse served as financial and equity capital markets advisor and Cantor Fitzgerald served as capital markets advisor to SPKB nd Davis Polk & Wardwell LLP is serving as its legal advisor.
  • Also see, Investors experience a bad trip with this psychedelic ETF down 40%.
  • And check out, Interest in "shroom stocks" rises as investors see potential of psychedelics as therapy.

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