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Lakeshore Acquisition I Corp. (LAAA) Adds $8.2M to PIPE
by Nicholas Alan Clayton on 2022-11-30 at 9:39am

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.

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