Lakeshore Acquisition I Corp. (NASDAQ:LAAA) disclosed this afternoon that its shareholders have approved its business combination with medical device company ProSomnus during a special meeting held earlier today.
Approximately 92.4% of the votes cast at the meeting on the business combination proposal, representing approximately 80.5% of Lakeshore’s outstanding shares, voted to approve the deal.
The SPAC disclosed in an 8-K that shareholders elected to redeem an aggregate of 2,402,027 ordinary shares in connection with the meeting.
Just yesterday, the SPAC entered into a non-redemption agreement with certain institutional investors for an aggregate of 200,339 shares and amended its purchaser support agreement with initial shareholders. Additionally, Lakeshore I secured $8.2 million in additional financing on Wednesday. Alongside the PIPE addition, Lakeshore I also secured an agreement from an investor to not redeem 195,000 shares in exchange for receiving 167,717 additional new shares. Together with the existing $30 million PIPE, Lakeshore I will be able to cover the deal’s $40 million minimum cash condition even with all other public shares redeemed.
The parties expect to close the deal on or about December 6. Following the closing, the combined company will operate as ProSomnus, Inc., and its shares of common stock and warrants are expected to trade on the Nasdaq Capital Market under the symbols “OSA” and “OSAW,” respectively, on December 7.
The parties initially announced the $168 million combination on May 10. Pleasanton, California-based ProSomnus customizes oral appliance therapy devices to treat obstructive sleep apnea.
ADVISORS
- Solomon Partners and Gordon Pointe Capital, LLC are acting as financial advisors to ProSomnus.
- Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. is acting as legal advisor to ProSomnus.
- Loeb & Loeb is acting as legal advisor to Lakeshore.
- Craig-Hallum Capital Group and Roth Capital Partners are acting as joint placement agents on the PIPE.
- Craig-Hallum Capital Group is acting as M&A advisor to Lakeshore.
Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...
At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...
AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...