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Lakeshore Acquisition I Corp. (Nasdaq: LAAA) announced shareholder approval for its business combination with ProSomnus Holdings, Inc. on December 2, 2022. Approximately 92.4% of votes cast approved the proposal, representing 80.5% of Lakeshore's shares. The transaction is anticipated to close on December 6, 2022, with the combined entity operating as ProSomnus, Inc., and its stock expected to trade under the symbols "OSA" and "OSAW" from December 7, 2022. ProSomnus specializes in Precision Oral Appliance Therapy devices for obstructive sleep apnea, affecting over 74 million Americans.
ProSomnus Sleep Technologies has announced a $30 million convertible debt financing led by Cohanzick Management and CrossingBridge Advisors, aimed at supporting its merger with Lakeshore Acquisition I Corp.. Closing of this financing is contingent upon completing the merger by December 10, 2022. The capital will bolster ProSomnus's balance sheet as it transitions to a public company, allowing for strategic growth initiatives, including expanding its sales team and developing next-generation oral devices with monitoring capabilities.
ProSomnus, a leader in oral appliance therapy for Obstructive Sleep Apnea (OSA), announced the results of three studies demonstrating the efficacy of its FDA-cleared devices. The data will be presented at SLEEP 2022, showcasing advantages of precision oral appliance therapy. Approximately 74 million Americans suffer from OSA, with many undiagnosed. The studies revealed high success rates in treating mild to severe OSA with ProSomnus devices. The company is set to merge with Lakeshore Acquisition I Corp., expected to trade under the symbol 'OSA' upon completion.
ProSomnus is set to merge with Lakeshore Acquisition I Corp., with a transaction valued at approximately $168 million. ProSomnus specializes in precision intraoral devices for treating obstructive sleep apnea, impacting around 74 million Americans. The merger, supported by a $30 million PIPE investment, aims to enhance ProSomnus's market reach and accelerate the development of its products. Post-merger, the company will trade under the ticker symbol 'OSA' on Nasdaq. The transaction is expected to close in Q3 2022.
Lakeshore Acquisition I Corp. has successfully closed its initial public offering, raising $50 million by offering 5,000,000 units at $10.00 each. Each unit comprises one ordinary share and three-quarters of a redeemable warrant, with warrants exercisable at $11.50 per share. Trading on NASDAQ under the ticker symbol 'LAAAU' commenced on June 11, 2021. The company plans to use the net proceeds for its initial business combination. Joint book-running managers for the offering include Craig-Hallum Capital Group and Roth Capital Partners.
Lakeshore Acquisition I Corp. announced the pricing of its initial public offering (IPO) on June 10, 2021, offering 5,000,000 units at $10.00 each. Each unit comprises one ordinary share and three-quarters of a redeemable warrant, allowing the purchase of a share at $11.50. Trading of units is set to commence on NASDAQ under the symbol 'LAAAU' on June 11, 2021, with the IPO closing expected on June 15, 2021. The underwriters have a 45-day option to purchase up to 750,000 additional units. The SEC has declared the registration statement effective.
