Lakeshore Acquisition I in a regulatory filing said its shareholders today approved an extension until Dec. 15 for the SPAC to complete itsw business combination with ProSomnus, a manufacturer of medical devices for the treatment of obstructive sleep apnea.
The SPAC said 2,606,117 ordinary shares were redeemed. That loss would amount to more than half the $50 million the SPAC raised in a June 2021 IPO.
Terms with ProSomnus call for $125 million (including the assumption of $13 million of debt to be paid off at closing). Cohanzick Management and CrossingBridge Advisors are expected to lead and backstop a $30 million senior and junior convertible note investment.
The parties at deal announcement in May also expected to receive a minimum additional $10 million in equity from a PIPE or from Lakeshore’s trust. Read more.
