Silver Spike Acquisition Corp. II’s $446 Million Combination With Eleusis

Davis Polk advised Silver Spike Acquisition Corp. II on the deal, while Latham & Watkins represented Eleusis.

Silver Spike Acquisition Corp. II announced its approximately $446 million combination with Eleusis. Upon the close of the transaction, the combined company will be operated through Eleusis Inc., a new holding company, and will apply to have its common stock listed on Nasdaq under the symbol “ELEU.” The transaction is expected to close in the second or third quarter of 2022, subject to customary closing conditions, including the receipt of regulatory approvals and approval by the SPAC’s shareholders.

Silver Spike Acquisition Corp. II is a $287.5 million SPAC sponsored by Silver Spike, an asset manager with deep expertise in health, wellness and cannabis investments.

Founded in 2013, Eleusis is dedicated to transforming psychedelics into medicines. ELE-Psilo, Eleusis’s lead drug candidate, is being developed to treat depression and is expected to enter Phase I trials in 2022, subject to regulatory authorization.

Canaccord Genuity LLC served as financial advisor to Eleusis. Credit Suisse Securities (USA) LLC served as financial and equity capital markets advisor and Cantor Fitzgerald & Co. served as capital markets advisor to Silver Spike Acquisition Corp. II.

The Davis Polk corporate team included partners Derek Dostal (Picture), Lee Hochbaum and Dan Hirschovits and associates W. Soren Kreider IV, Kristy Choi, and Rahul K. Patel. Partner William A. Curran and counsel Elina Khodorkovsky are providing tax advice. Partner Adam Kaminsky is providing executive compensation advice. Partner Jonathan Cooklin is providing U.K. tax advice. 

Latham & Watkins represented Eleusis in the transaction with a transactional team led by Bay Area/New York partner Josh Dubofsky, Orange County partner Drew Capurro, New York partner Erika Weinberg, New York associate Kristin Rulison, Bay Area partner Haim Zaltzman, and associates Faisal Amin, Christopher Lloyd, Raul Gonzalez, David Califano, and Francisco Lascurain.  Advice was also provided on UK corporate matters by London partners Robbie McLaren and Douglas Abernethy and associates Alayna Kenney and Hafza Hussein; on tax matters by New York partner Matthew Dewitz, London partner Karl Mah, and London counsel James Leslie; on benefits and compensation matters by London partners Sarah Gadd and Kendall Burnett and New York partner Austin Ozawa, and associates Daniel Gocek and Adam Ray; on intellectual property matters by Bay Area partner Christopher Hazuka; on healthcare regulatory matters by Washington, D.C. partner Elizabeth Richards, Paris/Brussels partner Eveline Van Keymeulen, and Bay Area counsel Betty Pang; on real estate matters by New York counsel Shira Bressler; on antitrust matters by Washington, D.C. counsels Peter Todaro and Joe Simei; on Investment Company Act matters by Chicago partner Laura Ferrell; on CFIUS matters by Washington, D.C. partner Damara Chambers, and on general corporate matters by Boston/New York partner Kristen Grannis and London partner Emily Cridland.

Involved fees earner: Eveline Van Keymeulen – Allen & Overy; Kristy Choi – Davis Polk & Wardwell; Jonathan Cooklin – Davis Polk & Wardwell; William Curran – Davis Polk & Wardwell; Derek Dostal – Davis Polk & Wardwell; Dan Hirschovits – Davis Polk & Wardwell; Lee Hochbaum – Davis Polk & Wardwell; Adam Kaminsky – Davis Polk & Wardwell; Elina Khodorkovsky – Davis Polk & Wardwell; Soren Kreider – Davis Polk & Wardwell; Rahul Patel – Davis Polk & Wardwell; Douglas Abernethy – Latham & Watkins; Faisal Amin – Latham & Watkins; Shira Bressler – Latham & Watkins; Kendall Burnett – Latham & Watkins; David Califano – Latham & Watkins; Drew Capurro – Latham & Watkins; Damara Chambers – Latham & Watkins; Emily Cridland – Latham & Watkins; Matthew Dewitz – Latham & Watkins; Joshua Dubofsky – Latham & Watkins; Laura Ferrell – Latham & Watkins; Sarah Gadd – Latham & Watkins; Daniel Gocek – Latham & Watkins; Raul Gonzalez – Latham & Watkins; Christopher Hazuka – Latham & Watkins; Hafza Hussein – Latham & Watkins; Alayna Kenney – Latham & Watkins; Francisco Lascurain – Latham & Watkins; James Leslie – Latham & Watkins; Christopher Lloyd – Latham & Watkins; Karl Mah – Latham & Watkins; Robbie McLaren – Latham & Watkins; Austin Ozawa – Latham & Watkins; Betty Pang – Latham & Watkins; Adam Ray – Latham & Watkins; Elizabeth Richards – Latham & Watkins; Kristin Rulison – Latham & Watkins; Joseph Simei – Latham & Watkins; Kristen Grannis – Latham & Watkins; Peter Todaro – Latham & Watkins; Erika Weinberg – Latham & Watkins; Haim Zaltzman – Latham & Watkins;

Law Firms: Allen & Overy; Davis Polk & Wardwell; Latham & Watkins;

Clients: Eleusis; Silver Spike Acquisition Corp. II;