Specialty marijuana finance company Silver Spike Investment Corp. has closed on a portfolio of loans and changed its name to Chicago Atlantic BDC.
New York-based Silver Spike said in February it planned to acquire Illinois-headquartered Chicago Atlantic Loan Portfolio.
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Under terms of the acquisition, CALP and legacy Silver Spike stockholders will receive 72.8% and 27.2%, respectively, of the outstanding shares of the company’s stock, according to a Tuesday news release.
The combined company “has elected to be regulated as a business development company,” the release noted, and will trade on the Nasdaq stock exchange as LIEN.
Silver Spike previously traded on the Nasdaq as SSIC.
Silver Spike initially was a marijuana-focused special purpose acquisition company (SPAC) but has evolved into a finance entity
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