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.
- 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.