SPACInsider Logo
Lakeshore Acquisition I Corp. (LAAA) Shareholders Approve ProSomnus Deal
by Marlena Haddad on 2022-12-02 at 4:38pm

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.

 

Recent Posts
by Kristi Marvin on 2023-01-28 at 1:59pm

Terms Tracker for the Week Ending January 27, 2022 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re coming up on the end of January, the first month of the year, and to-date no new S-1s have been filed. Additionally, the number...

by Marlena Haddad on 2023-01-27 at 11:34am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Circle spokesperson denies blaming SEC for failed deal, BuzzFeed CEO says AI-powered content will be part of core business, and FaZe Clan faces possible delisting Circle Spokesperson Denies Blaming SEC for Failed $9 Billion Deal...

by Nicholas Alan Clayton on 2023-01-27 at 10:00am

Health Sciences 2 (NASDAQ:HSAQ) announced that it closed its combination with Orchestra BioMed on January 26. HSAQ ahead of its vote pre-announced redemption figures of 1,597,888 shares equating to 67.7% redemptions, however, that’s still subject to change.  However, today it was noted that Orchestra BioMed is to receive $70 million in gross proceeds including $20...

by Kristi Marvin on 2023-01-27 at 7:33am

Carbon capture technology has long been talked about, and it is finally in operation with LanzaTech among the pioneers. Its plants are turning potential emissions into clothing, household goods and sustainable fuels. SPAC cash is now also an accelerant in this new process as the company announced a $1.7 billion combination with AMCI II last March. This week, we caught up with...

by Nicholas Alan Clayton on 2023-01-27 at 7:30am

In this series we’ll be examining successful SPAC deals from the past both in the terms and circumstances of their de-SPAC processes and how they have weathered the storms that have followed after their public listings with research from SPACInsider contributor Anthony Sozzi. Thirty months does not sound like that long, but it’s been a...

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved