BOA Acquisition today announced that stockholders voted in favor of merging with Selina Hospitality.
More than 83% of the votes present at the meeting were in support of the business combination.
No word on redemptions, if any, and the SPAC had yet to file an 8-K outlining vote details of the shareholder meeting.
BOA and Selina in July agreed to reduce the cash proceeds condition from $70 million to $55 million. BOA also extended the deal’s termination date from Aug. 26 to Oct. 25. BOA in April secured $147.5 million in convertible note financing in support of the deal and had a $55 million PIPE in place at deal announcement in December 2021. BOA’s sponsor put up a $15 million backstop agreement and an investor who poured $10 million into Selina will receive 250,000 shares of the combined company at closing.
Assuming zero redemptions, the business combination was expected to provide Selina with at least $285 million.
Upon listing, Selina’s common stock and warrants will trade on the Nasdaq under the new ticker symbols SLNA and SLNAW. Read more.
