Silver Spike III Acquisition Corp. Announces Completion of Previously Announced Automatic Redemption of Class A Restricted Voting Shares

TORONTO, ON / ACCESSWIRE / May 30, 2023 / Silver Spike III Acquisition Corp. (the "Company") announced today that the previously announced automatic redemption (the "Redemption") of the Company's Class A restricted voting shares (the "Class A Restricted Voting Shares") has been completed. Redemption of Class A Restricted Voting Shares held by non-registered holders with CDS Clearing and Depositary Services Inc., which represents substantially all of the Class A Restricted Voting Shares, has been completed.

Each Class A Restricted Voting Shares was, as provided under the Company's articles, redeemed for approximately U.S.$10.3080 (the "Redemption Amount") before taking applicable withholding taxes into account. Payment of the Redemption Amount (net of any applicable taxes and other permitted deductions) constitutes the Company's final payment in respect of the liquidation of the escrow account that holds the proceeds of the Company's initial public offering. Shareholders should consult their own tax advisors with respect to applicable income tax consequences of the Redemption. There were no distributions from the escrow account with respect to the Company's Class B shares or warrants. The warrants terminated in accordance with their terms.

The Class A Restricted Voting Shares have been delisted from the Neo Exchange, and the Company intends to apply to cease to be a reporting issuer in Canada.

About Silver Spike III Acquisition Corp.

Silver Spike III Acquisition Corp. is a special purpose acquisition corporation incorporated under the laws of the Province of British Columbia for the purpose of effecting, directly or indirectly, a qualifying transaction within a specified period of time.

FOR FURTHER INFORMATION PLEASE CONTACT:

Silver Spike III Acquisition Corp.
William Healy
bill@silverspikecap.com

SOURCE: Silver Spike III Acquisition Corp.