Lakeshore Acquisition I Corp. (NASDAQ:LAAA) announced in an 8-K filing this morning that it has added $8.2 million in additional financing to its deal with medical device company ProSomnus.
The investment comes in exchange for 820,000 shares, but investors will also receive 619,932 additional shares so that they are effectively buying in at $5.69 per share. Lakeshore I IPO’d with a Crescent Term, but this funding would have to represent more than 60% of total proceeds at close and other conditions would have to be met in order for it to be triggered.
Alongside the PIPE additions, the SPAC 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, these two moves would get Lakeshore I over the deal’s $40 million minimum cash condition even with all other public shares redeemed.
Lakeshore I shareholders will be making their final redemption decisions at today’s redemption deadline in connection with its completion vote to be held on Friday, December 2.
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.
The precision oral appliance therapy is a new option for treating obstructive sleep apnea, where each ProSomnus device is personalized and digitally manufactured to match the anatomy and treatment plan for each patient.
After a quiet June, July is set to be active throughout the month with nine de-SPACs and sponsors coming unlocked from their trading restrictions. This timing is most fortuitous for insurance investor Abacus Life (NASDAQ:ABL) and East Resources, which took it public in 2023, as it is the best performer of this group of companies...
Pyrophyte II (NYSE:PAII.U) has filed for a $175 million SPAC to dig for a natural resources target while the team’s first deal remains pending. The new SPAC is offering investors 1/2 warrants in each unit and it will have 24 months to complete a business combination without asking shareholders for an extension. It is the...
At the SPAC of Dawn The last day of the quarter is to play host to a pair of shareholder votes and a possible pricing of Indigo‘s (NASDAQ:INACU) $100 million IPO. This week is also to play host to fresh jobs numbers just before the long July 4 weekend. Black Hawk (NASDAQ:BKHA) was also one...
Terms Tracker for the Week Ending June 27, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. June continued its late-month rally with another five SPAC IPOs pricing this week, bringing the monthly total to 10 and the 2025 year-to-date count to...
Blueport (NASDAQ:BPACU) has filed for a $69 million SPAC that would bring another first-time sponsor team to market. The new SPAC is offering investors a right to a 1/6 share in each unit and it will have 15 months to complete a business combination. It is underwritten by Alliance Global Partners and will not be...