Chicago Atlantic and Silver Spike Close Loan Portfolio Acquisition and Joint Venture Transactions

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[{"type":"text","content":"\nSilver Spike Investment Corp. renamed Chicago Atlantic BDC, Inc.\n\nNASDAQ Ticker to be Changed to LIEN\n\n CHICAGO--(BUSINESS WIRE)--\nChicago Atlantic today announced that Silver Spike Investment Corp. (“SSIC” or the “Company”), a specialty finance company that has elected to be regulated as a business development company, acquired a portfolio of loans (the “CALP Loan Portfolio”) from Chicago Atlantic Loan Portfolio, LLC (“CALP”), a Chicago Atlantic-managed fund, in exchange for newly issued shares of the Company’s common stock (the “Loan Portfolio Acquisition”). As a result of the Loan Portfolio Acquisition, CALP and legacy SSIC stockholders own approximately 72.8% and 27.2%, respectively, of the outstanding shares of the Company’s common stock.\n\nThe Company is the only publicly listed BDC focused on lending to cannabis companies. As a result of the Loan Portfolio Acquisition, the Company has net assets of approximately $300 million and investments in 28 portfolio companies.\n\nIn connection with the Loan Portfolio Acquisition, the Company was renamed Chicago Atlantic BDC, Inc., and its ticker symbol will be changed to “LIEN.” The changes will become effective in the market at the open of business on October 2, 2024.\n\nSeparately, Chicago Atlantic today announced that the investment adviser of CALP closed a transaction with Silver Spike Capital, LLC (“SSC” or the “Adviser”), the investment adviser of the Company, pursuant to which a joint venture between Chicago Atlantic and SSC has been created to combine and jointly operate SSC’s, and a portion of Chicago Atlantic’s, investment management businesses (the “Joint Venture”). The Joint Venture combines two leading investment platforms in the cannabis industry. In connection with the Joint Venture, the Adviser has been renamed Chicago Atlantic BDC Advisers, LLC.\n\nThe Company’s officers prior to the Loan Portfolio Acquisition, including Scott Gordon (now Executive Chairman of the board of directors of the Company and Co-Chief Investment Officer of the Company) and Umesh Mahajan (now Co-Chief Investment Officer, Chief Financial Officer and Secretary of the Company), will continue to be a part of the Company’s management team. Andreas Bodmeier, Partner at Chicago Atlantic, has assumed the role of Chief Executive Officer of the Company, and Dino Colonna, previously Partner an...

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