NEW YORK, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Silver Spike Investment Corp. ("SSIC" or the "Company") (NASDAQ:SSIC), a specialty finance company that has elected to be regulated as a business development company, today announced that the stockholders of the Company have voted at the Company's special meeting of stockholders held today (the "Special Meeting") to approve the proposal related to the Company's acquisition from Chicago Atlantic Loan Portfolio, LLC ("CALP") of a portfolio of loans (the "CALP Loan Portfolio") in exchange for newly-issued shares of SSIC's common stock (the "Loan Portfolio Acquisition").
At the Special Meeting, the stockholders of the Company also voted to approve: (a) the election of Frederick C. Herbst, John Mazarakis, and Jason Papastavrou to the board of directors of the Company, to serve until the 2025, 2026, and 2027 annual meetings of stockholders, respectively, and until their respective successors are duly elected and qualified; and (b) a new investment advisory agreement by and between the Company and Silver Spike Capital, LLC ("SSC" or the "Adviser"), which has the same base management and incentive fee as, and otherwise does not materially differ from, the current investment advisory agreement by and between the Company and SSC, because the current investment advisory agreement may be deemed to terminate as a result of a transaction involving a change in the ownership of SSC.
Scott Gordon, Chairman and Chief Executive Officer of the Company, commented: "We are excited about the opportunity ahead to leverage the Company's increased scale to further our strategy of investing in attractive cannabis and other middle market companies that we believe will drive sustainable growth and value for our stockholders."
The Loan Portfolio Acquisition is expected to close as soon as practicable, subject to closing conditions being satisfied. Following the Loan Portfolio Acquisition, the Company would be renamed "Chicago Atlantic BDC, Inc.," and its ticker symbol would be changed to "LIEN."
About Silver Spike Investment Corp.
The Company is a specialty finance company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended and has elected to be treated as a regulated investment company for U.S. federal income tax purposes. The Company's investment objective is to maximize risk-adjusted returns on equity for its stockholders by investing primarily in direct loans to privately held middle-market ...
