TORONTO, ON / ACCESSWIRE / May 15, 2023 / Silver Spike III Acquisition Corp. (the "Company") (NEO: "SPKC.U" and "SPKC.WT.U") announced today that its board of directors has determined that the Company will be wound-up in accordance with its articles and the policies of the NEO Exchange and that the Company's Class A restricted voting shares (each a "Class A Restricted Voting Share") will be automatically redeemed on or about May 29, 2023, (the "Redemption Date"). The Company's board of directors has determined that it is in the best interests of the Company and its shareholders for the Company to be wound-up as they do not believe that an appropriate qualifying transaction can be identified and completed within the Company's permitted timeline.
The redemption amount per Class A Restricted Voting Share is anticipated to be U.S.$10.3080, prior to any applicable withholding. There will be no distributions with respect to warrants, which will expire worthless. Payment of the redemption amount, net of applicable taxes and other permitted deductions, will be made effective at the close of business on the Redemption Date and will constitute the Company's final payment in respect of the liquidation of the escrow account that holds the proceeds of the Company's initial public offering. There will be no distributions from the escrow account with respect to the Company's Class B shares or the 5,750,000 warrants issued to the Company's sponsor concurrently with the closing of the Company's initial public offering.
The Company's Class A Restricted Voting Shares will be delisted from the Neo Exchange following the redemption of the Class A Restricted Voting Shares.
About Silver Spike III Acquisition Corp.
Silver Spike III Acquisition Corp. is a special purpose acquisition corporation incorporated under the laws of the Province of British Columbia for the purpose of effecting, directly or indirectly, a qualifying transaction within a specified period of time.
FOR FURTHER INFORMATION PLEASE CONTACT:
Silver Spike III Acquisition Corp.
William Healy
[email protected]
SOURCE: Silver Spike III Acquisition Corp.