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 Nicholas Alan Clayton on 2023-01-30 at 2:04pm

Seaport Calibre Materials Acquisition Corp. (NASDAQ:SCMA) announced in an 8-K that it has inked new non-redemption agreements after postponing its initial extension vote. The SPAC has agreed to allocate up to 37,500 promote shares (1.1%) to investors holding in exchange for them agreeing not to redeem an aggregate of 150,000 shares at the vote now...

by Marlena Haddad on 2023-01-30 at 1:22pm

Armada I (NASDAQ:AACI) announced this afternoon that it has once again postponed its extension vote. The SPAC initially planned to hold its special meeting on January 20, but postponed it to January 30, and will now be pushing it back until tomorrow, January 31. Armada has also extended the deadline for holders to submit their public...

by Nicholas Alan Clayton on 2023-01-30 at 12:07am

Prime Impact I (NYSE:PIAI) has entered into a definitive agreement to combine with auto insurance firm Cheche at an enterprise value of $841 million, or about 2.3x its 2022 revenue. Beijing-based Cheche provides a digital insurance platform for car owners in China with about 34 million vehicles covered. The combined company is expected to trade...

by Marlena Haddad on 2023-01-30 at 11:42am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Hambro Perks eyes merger with Biotech Istesso, Rocket Lab launches first vehicle from U.S. soil, and Alliance Entertainment signs licensing agreement with The Walt Disney Company Hambro Perks SPAC Eyes Merger With Biotech...

by Marlena Haddad on 2023-01-30 at 10:15am

Pono Capital Corp. (NASDAQ:PONO) disclosed in an 8-K filing this morning that its shareholders approved its combination with air mobility company AERWINS at a special meeting held on Friday, January 27. Holders of 12,412,861 common shares were present at the meeting and the deal was approved with 11,218,712 shares in favor of the transaction. The filing did not...

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