Lakeshore Acquisition I entered into common stock securities purchase agreements with accredited and institutional investors in a private placement of $8.2 million. The investors will receive 820,000 shares of Lakeshore’s common stock at the closing of the business combination with ProSomnus, and another 619,932 additional shares as provided in the transaction agreements between Lakeshore and ProSomnus.
ProSomnus has also entered into a non-redemption agreement with an institutional investor for 195,000 shares, and they will also receive 167,717 additional shares. The subscription agreements and non-redemption agreement are in addition to the $30 million convertible note PIPE that Lakeshore announced in August.
Lakeshore in September won a three-month extension to complete the transaction, although redemptions erased more than half the $50 million the SPAC raised in a June 2021 IPO.
Terms with ProSomnus now call for $113 million in stock, minus any debt in excess of $12 million. Read more.
