We are advising the SPAC on the transaction

Davis Polk is advising Silver Spike Acquisition Corp. II on 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.

The corporate team includes partners Derek Dostal, 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. Members of the Davis Polk team are based in the New York, London and Washington DC offices.

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