Lakeshore Acquisition II in an 8-K said it issued an unsecured promissory note for $80,000 to merger partner Nature’s Miracle. Proceeds from the note were deposited into the SPAC’s trust to cover the required trust deposit for another month on Lakeshore II’s merger extension.
In return, Lakeshore also agreed to issue 2,000 shares of Class A stock to Nature’s Miracle following the closing of the business combination.
The SPAC had also borrowed $80,000 from Nature’s Miracle in September.
Announced in Septembewr 2022, 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.
