Silver Spike Acquisition Corp.: directors' dealings · United States · SEC (Form 4)

About Silver Spike Acquisition Corp.

Silver Spike Acquisition Corp. (ticker: MAPS) is a United States-listed company that traded on NASDAQ and was originally structured as a SPAC, or blank-check vehicle, formed to complete a merger or similar business combination rather than to run a traditional operating business from day one. The company was incorporated on June 7, 2019 as a Cayman Islands exempted company, and its original filing history shows that it was organized with a clear acquisition mandate focused on cannabis-related businesses that could operate in compliance with applicable laws. In its early corporate records, Silver Spike was still pre-revenue and limited to capital raising, target search, and transaction execution. The company’s defining corporate event was its business combination with WM Technology, the parent of Weedmaps. That transaction effectively shifted Silver Spike from a SPAC into an investment case centered on a leading digital platform serving the legal cannabis industry in the United States. WM Technology is known for operating a marketplace and online discovery platform connecting consumers, retailers, and cannabis brands, with products and services that help licensed operators advertise, manage demand, and improve customer engagement. In practical terms, MAPS should be understood less as a conventional cannabis operator and more as a specialized technology and digital media platform serving a regulated end market. From a competitive standpoint, the company occupies a niche position in a fragmented industry where brand awareness, platform traffic, user data, and merchant tools are key differentiators. Its value proposition rests on network effects: consumers use the platform to find products and dispensaries, while retailers and brands use it to reach those consumers. This creates a monetization model tied to advertising, software-enabled services, and marketplace engagement rather than plant-touching operations. For investors, that business model generally offers better scalability than cultivation or processing, but it also depends heavily on regulatory developments and on the company’s ability to sustain user engagement. Geographically, the business is primarily anchored in the United States, where cannabis laws vary by state and territory. The company’s filings indicate that it continues to face legal, compliance, and governance-related issues typical of a regulated sector, including SEC-related scrutiny in prior periods. More recently, SEC filings disclosed that the company filed a Form 25 on April 17, 2026 to delist the Class A common stock and public warrants from NASDAQ and deregister those securities under Section 12(b) of the Exchange Act, an important market-structure development for shareholders. For French-speaking investors in France, Belgium, and Switzerland, MAPS is best viewed as a U.S. cannabis-tech platform with a complicated SPAC heritage, regulatory sensitivity, and a business profile shaped by the legal cannabis ecosystem rather than by traditional industrial production.