Lakeshore Acquisition II in an 8-K said it entered into a Standby Equity Purchase Agreement with YA II PN, Ltd. (Yorkville) for up to $60 million in stock. The SEPA is in support of the SPAC’s pending merger with Nature’s Miracle.
SEPA terms allow the SPAC to sell to Yorkville up to the full amount of the shares at any time during the commitment period starting on the sixth trading day following the merger completion and terminating on the earliest of the first day of the month after the 36-month anniversary of the completed merger or the date on which Yorkville will have made payment of any advances.
Nature’s Miracle is a tech company engaged in the controlled environment agriculture industry. Merger terms call for Nature’s Miracle stockholders to exchange their shares for shares in Lakeshore equal to $230 million, less any closing net indebtedness. Read more.
