SPACInsider Logo
BOA Acquisition Corp. (BOAS) Shareholders Approve Selina Deal
by Marlena Haddad on 2022-10-24 at 8:53am

BOA Acquisition Corp. (NYSE:BOAS) announced this morning that its shareholders have approved its combination with hospitality brand Selina at a special meeting held on Friday.

Holders of approximately 89.7% of BOA’s issued and outstanding shares were present at the special meeting and more than 83% of the votes were cast in favor of the business combination.

The SPAC secured $147.5 million in convertible note financing earlier this year in April. The notes, which are due in 2026, hold a 6% interest rate, are payable semi-annually, and will convert at a $11.50 per share price.

BOA originally had a minimum cash condition of $70 million, but it was later lowered to $55 million in July, and had already secured a $55 million PIPE at the combination announcement, plus a $15 million minimum equity backstop from BOA’s sponsor. An investor also funded $10 million to Selina under the original subscription agreement in July and, in exchange for the pre-payment, Selina agreed to pay the investor a pre-payment fee at the closing of the deal in the form of 250,000 ordinary shares. The SPAC originally funded the deal with about $230 million from its current trust, before any redemptions.

The parties expect the deal to close upon satisfaction of all closing conditions. Upon listing, Selina’s common stock and warrants will be trading on Nasdaq under the new ticker symbols “SLNA” and “SLNAW,” respectively.

The parties initially announced the $942 million combination on December 2.  The London-based company is one of the world’s largest hospitality brands built to accommodate co-working, recreation, wellness, and local experiences.


ADVISORS

  • PJT Partners is acting as financial and capital markets advisor to Selina, and BofA Securities, Inc. is acting as capital markets advisor.
  • Morgan, Lewis & Bockius LLP is acting as legal advisor to Selina.
  • PJT Partners, UBS Investment Bank and BTIG, LLC are acting as joint placement agents on the private placement.
  • BTIG, LLC is acting as capital markets advisor to BOA. King & Spalding LLP is acting as legal advisor to BOA.
Recent Posts
by Marlena Haddad on 2023-01-27 at 11:34am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Circle spokesperson denies blaming SEC for failed deal, BuzzFeed CEO says AI-powered content will be part of core business, and FaZe Clan faces possible delisting Circle Spokesperson Denies Blaming SEC for Failed $9 Billion Deal...

by Nicholas Alan Clayton on 2023-01-27 at 10:00am

Health Sciences 2 (NASDAQ:HSAQ) announced that it closed its combination with Orchestra BioMed on January 26. HSAQ ahead of its vote pre-announced redemption figures of 1,597,888 shares equating to 67.7% redemptions, however, that’s still subject to change.  However, today it was noted that Orchestra BioMed is to receive $70 million in gross proceeds including $20...

by Kristi Marvin on 2023-01-27 at 7:33am

Carbon capture technology has long been talked about, and it is finally in operation with LanzaTech among the pioneers. Its plants are turning potential emissions into clothing, household goods and sustainable fuels. SPAC cash is now also an accelerant in this new process as the company announced a $1.7 billion combination with AMCI II last March. This week, we caught up with...

by Nicholas Alan Clayton on 2023-01-27 at 7:30am

In this series we’ll be examining successful SPAC deals from the past both in the terms and circumstances of their de-SPAC processes and how they have weathered the storms that have followed after their public listings with research from SPACInsider contributor Anthony Sozzi. Thirty months does not sound like that long, but it’s been a...

by Marlena Haddad on 2023-01-26 at 5:32pm

Seaport Calibre Materials Acquisition Corp. (Nasdaq: SCMA) announced this afternoon that it is pushing today’s special meeting back until January 31. The SPAC is currently facing a completion deadline of February 1, but is looking to extend its timeline by an additional six months to August 1. Stockholders may elect to redeem their shares for a pro rata...

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved