SSIC to acquire $130M loan portfolio, issue 65-75% of stock to Chicago Atlantic

Chicago Atlantic BDC, Inc.

Loan portfolio comprises 24 loans valued at $130M as of Jan 1, 2024; up to $43M in additional loans may be added pre-closing.
SSIC will issue new common stock representing 65-75% of outstanding shares to CALP in exchange for the loan portfolio.
Transaction requires SSIC stockholder approval; parties have reciprocal termination rights with a $6,046,613 termination fee.
Silver Spike Capital, LLC, a major SSIC stockholder, agreed under a Voting Agreement to vote all shares in favor of the transaction.
Closing conditions include effectiveness of a registration statement and NASDAQ listing of newly issued shares.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Chicago Atlantic BDC, Inc. entered into Purchase Agreement with Chicago Atlantic Loan Portfolio, LLC (effective 2024-02-18).

Action: entry
Counterparty: Chicago Atlantic Loan Portfolio, LLC
Effective: 2024-02-18

Exact text from the filing

On February 18, 2024, Silver Spike Investment Corp., a Maryland corporation (NASDAQ: SSIC) (“SSIC” or “the Company”), entered into a Purchase Agreement (the “Purchase Agreement”) with Chicago Atlantic Loan Portfolio, LLC, a Delaware limited liability company (“CALP”).

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Chicago Atlantic BDC, Inc. filing history →

Source: SEC EDGAR

accession 0000950103-24-002723

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