Lakeshore Acquisition Corp. I (NASDAQ:LAAA) announced this morning that it has entered into a non-redemption agreement and amended its purchaser support agreement with initial shareholders in connection to its proposed merger with medical device company ProSomnus.
The SPAC entered into non-redemption agreements with certain institutional investors for an aggregate of 200,339 shares of the purchaser. These investors will also receive an aggregate of 172,368 additional shares from the purchaser. Altogether, there are 395,339 shares subject to non-redemption agreements and the investors will receive an aggregate of 340,085 additional shares of the purchaser.
Additionally, Lakeshore I and ProSomnus amended the restated purchaser support agreement with the initial shareholders of the purchaser. Pursuant to the agreement, the supporters agreed to automatically transfer an additional 12% of the founder shares to equity investors for no consideration.
As a result, the supporters will transfer up to an aggregate of 42% of the founder shares to equity investors. If the aggregate number of transferred founder shares is equal to or greater than 273,350 founder shares, the 20% threshold, then the purchaser will issue a full warrant to the supporters for each transferred founder share transferred above the threshold; provided that in no event the aggregate number of transferred founder shares will be greater than 574,035.
This new non-redemption agreement and amended purchaser agreement comes just a day before its shareholder vote and a day after the SPAC added $8.2 million in additional financing to its proposed merger. Alongside the PIPE addition, Lakeshore I also secured an agreement from an investor to not redeem 195,000 shares in exchange for receiving 167,717 additional new shares. Together with the existing $30 million PIPE, Lakeshore I will be able to cover the deal’s $40 million minimum cash condition even with all other public shares redeemed.
The parties initially announced the $168 million combination on May 10. Pleasanton, California-based ProSomnus customizes oral appliance therapy devices to treat obstructive sleep apnea.
AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...
At the SPAC of Dawn A brand new market may have just opened up for space de-SPACs as NASA administrator Bill Nelson announced a shift in the agency’s $11 billion program for a mission to return samples from Mars. Rather than rely on the agency’s internal technologies that would be predicted to get a sample...
Overall deal flow between SPACs and biotech firms has slowed over the last year, but some pending FDA changes could breathe new life into particular business models within the space. In particular, the FDA has asked Congress as part of its 2025 Legislative Proposals to eliminate the interchangeability designation for biosimilar medications, claiming the existing...