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.

 

Lakeshore Acquisition I Corp. (LAAA) Shareholders Approve ProSomnus Deal
Recent Posts
by Nicholas Alan Clayton on 2025-07-02 at 12:13pm

McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...

by Nicholas Alan Clayton on 2025-07-02 at 8:29am

At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....

by Nicholas Alan Clayton on 2025-07-02 at 6:28am

EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...

by Nicholas Alan Clayton on 2025-07-01 at 7:51pm

Vendome Acquisition Corporation I (NASDAQ:VNMEU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “VNMEU”, Wednesday, July 2, 2025. The new SPAC plans to focus its search on target business in the consumer sector operating in North America, Southeast Asia, and Europe....

by Nicholas Alan Clayton on 2025-07-01 at 7:47pm

Origin Investment Corp. I (NASDAQ:ORIQU) announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ORIQU”, Wednesday, July 2, 2025. The new SPAC aims to mount a broad search for a target with a strong management and both revenue and earnings growth potential....

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved