BOA Acquisition in an 8-K filing said it and merger partner Selina Hospitality agreed to reduce the cash proceeds condition from $70 million to $55 million. Selina is a hospitality and experiential brand targeting Millennial and Gen Z travelers.
Assuming zero redemptions, the business combination is expected to provide Selina with $285 million (assuming no redemptions).
BOA also extended the deal’s termination date from Aug. 26 to Oct. 25.
The deal values the pro forma company at an equity value of approximately $1.2 billion. Read more.
