Silver Spike Acquisition Corp. and WM Holding Company (SSPK) and (MAPS) Tender Offer Scam

silver spike acquisition schwab

silver spike sspk schwab

I used Charles Schwab to purchase SSPK stock on May 28 before the stock was converting to the new MAPS ticker.  I wanted to own the MAPS new stock and I knew that SSPK was changing its name to MAPS. I wasn't sure if the stock was being converted into a new stock or if the tender offer was an intention to purchase the new MAPS stock.  Herein lies the confusion.  Apparently, no action was needed despite all of the emails from Schwab asking me to take action.  Here is what happened below.  

I used Charles Schwab to purchase SSPK stock before the stock converted to MAPS ticker.  I purchased the stock well ahead of the June 10 date at $16 per share.  Schwab sends me a message on June 10 corporate action is needed.  Where in this offer does it say do nothing you will receive MAPS shares or the name of SSPK is change to MAPS?  DF King mislead me and many other investors by providing confusing language in the tender offer.  (READ BELOW)

Schwab is not equipped to handle SPAC offerings and is negligent in their ability to explain what accepting a tender offer for my shares means and they also didn't provide me with a basis to understand that if I sold my shares I would incur a loss of 50%.  There is no record of the transaction on their books and they have deleted all of my correspondence and messages.   They didn't even have me confirm the transaction similar to a buy and a sell confirmation.  

Schwab now tells me I accepted their tender cash offer to repurchase shares at $10 cash when it was trading at $16 on June 2.  Basically, I sold the stock selling it for $10 overnight while it was trading at $16-21.  Due to my lack of understanding of tender offers that I was receiving cash and no stock?  I thought this was similar to an IPO where you put in your request to buy shares?  I lost 50% overnight?  I lost thousands of dollars as s result overnight. 

They only told me the number of shares and never said if you do nothing you will receive MAPS stock. I thought it meant taking shares or MAPS similar to how IPOs are run. What a freaking scam. I thought the tender offer was for shares of MAPS. Schwab did not explain this nor did the correspondence which they have deleted.

I spoke with Schwab on a recorded line and they passed the blame off to DF King and said call this 

D.F. King & Co., Inc.
48 Wall Street, 22nd Floor
New York, NY 10005
Banks and Brokers Call Collect: (212) 269-5550
All Others Call Toll-Free: (877) 478-5045

IT GETS EVEN BETTER.   

I called the 877-478-5045 number only to receive a constant busy signal.  I called again today and get a message that says "you have reached a campaign that is completed and closed.  Thank you and have a good day".  

I send an email to SSPK@DFking.com and this what I receive.    Delivery has failed to recipients.  The scam is getting even better.   DFKing.com doesn't have a lot of info also. 


Dear Mr. Cohn, 

It was a pleasure chatting with you today! 

The mandatory merger, tender offer and name change for SSPK Silver Spike Acquisition is still in process and we are waiting for all of the details at this time in order to update our systems and the accounts for our clients. Typically this takes 1-7 business days but can take longer depending on the company. SSPK is showing as a foreign traded position and the notes say to have clients call our Global Team at 1-800-992-4685 on this position. Thank you. 
 

Please let us know if we can answer further questions or assist in any other capacity. Thanks again for your time and thank you for choosing Charles Schwab. We appreciate you and have a pleasant rest of your day!   

 

Sincerely,

 

Meredith Merritt

eServices Representative

Email Services

1-800-435-4000

 

READ BELOW CORRESPONDENCE FROM SCHWAB June 2, 2021

Since you hold share(s) of SILVER SPIKE ACQUISITXXX in your account, you may choose how your holdings will be treated for this Corporate Action. We must receive your response by June 4, 2021, 7:00 p.m. ET. 

We're writing to let you know about an offer that you may participate in

Offer Details:

·Shareholders of Silver Spike Acquisition Corp. (the Company) have an option to redeem their shares for cash at an approximate per-share price of $10.17.

·The offer is being made in connection with a Business Combination Proposal and other proposals (the Proposals) as proposed by the Company during a special meeting to be held on June 10, 2021.

·The offer provides shareholders an opportunity to redeem their ordinary shares for a pro-rata portion of the funds available in the Trust Account established in connection with the Company's Initial Public Offering.

·The redemption price may be higher or lower than the current market price of your shares.

What this means for your account and your shares:

Holders may elect to:

·Tender: Tender to redeem all or a portion of your ordinary shares.  (I PURCHASED SSPK TO OWN MAPS)  

·Decline/Take No Action: If you elect to decline this offer, or no response is received, you will continue to hold your ordinary shares.  (OF WHAT? IT DOES NOT SAY THE TICKER IS CHANGING THE NAME TO MAPS)

I DIDN'T WANT SSPK SO HEREIN LIES THE CONFUSION.   THE TENDER OFFER COULD HAVE EXPLAINED THAT ORDINARY SHARES OF MAPS STOCK WOULD BE DELIVERED AND THIS PROBLEM WOULD HAVE BEEN AVOIDED.  I THOUGHT SSPK WOULD REMAIN AS A SHELL CORP WHICH I DID NOT WANT TO OWN.  

¨Please note: If you submit to decline the offer, you will not receive reminder notifications for this specific offer. If no response is received, you will receive reminder notifications up until the Schwab cut-off date.  (OF WHAT? IT DOES NOT SAY THE TICKER IS CHANGING THE NAME TO MAPS)

How to participate in the offer:

1.Please review in full the proxy material, mailed separately, to ensure you understand the offer before making any decision with respect to your shares. If you have not received the proxy material or have questions about the offer, please contact the Proxy Agent, D.F. King & Co., Inc., directly by phone at (877) 478-5045 or via email at SSPK@dfking.com.

2.The offer is conditioned upon the Company shareholders approving the Proposals.

3.Holders are encouraged to consult their own tax advisors regarding the tax consequences of participating in the offer.

4.Follow the steps below to provide your instructions to Schwab.

SCHWAB MAKES NO MENTION THAT IF YOU PARTICIPATE IN THIS TENDER OFFER YOU WILL BE INCURRING A LOSS BASED ON YOUR COSTS BASIS OF $16. THEY DIDN'T EVEN CONFIRM THE TRADE OR TRANSACTION IN EMAIL.  

I filed my first ever complaint with the SEC on Monday, June 28.  Stay tuned. 

SEC complaint filed


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