Hospitality company Selina and BOA Acquisition announced today the closing of their business combination. The SPAc’s shareholders approved the deal earlier this week.
Selina’s ordinary shares and public warrants began trading today on the Nasdaq under the ticker symbols SLNA and SLNAW.
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.
In addition to potential cash proceeds from BOA’s cash in trust (redemptions, if any, have not been disclosed), the business combination is expected to provide Selina with $54 million of capital via its private placement financing, and $118 million from subscriptions to the $147.5 million principal amount of 6 percent senior unsecured convertible notes due 2026 — each to fund Selina’s operations and continue its plans to achieve profitability. Read more.
