Lakeshore Acquisition II in a regulatory filing said it issued an unsecured promissory note for $80,000 to Nature’s Miracle, the SPAC’s merger partner.
The note does not bear interest and matures upon the closing of their business combination or Dec. 11, whichever comes first.
Proceeds from the note have been deposited in the SPAC’s trust account to extend the business combination completion window until Oct. 11.
In consideration of making the loan, Lakeshore also agreed to issue 2,000 shares of Class A stock in the combined company to Nature’s Miracle once the deal closes.
Announced a year ago, terms of the merger call for Nature’s Miracle stockholders to receive shares of Lakeshore equal to $230 million, less any closing net indebtedness.
Nature’s Miracle provides hardware as well as software to design, build and operate various indoor growing settings including greenhouse, vertical farming and indoor-growing spaces. The company operates two wholly-owned subsidiaries, Visiontech Group and Hydroman, which provides grow lights as well as other hydroponic products. Nature’s Miracle has also developed a pipline of projects for the construction of commercial-scale greenhouse in the U.S. and Canada. Read more.
