Selina and BOA Acquisition Corp. Announce Closing of Business Combination and Commencement of Trading
27 Ottobre 2022 - 2:00PM
Business Wire
Selina, the fast-growing lifestyle and experiential hospitality
company targeting millennial and Gen Z travelers whose mission is
centered on building meaningful connections, and BOA Acquisition
Corp. (NYSE: BOAS) (BOA), a publicly traded special purpose
acquisition company, announced today the closing of their business
combination (the “Business Combination”).
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The Business Combination was approved by BOA stockholders at a
special meeting held on October 21, 2022. Samba Merger Sub, Inc., a
subsidiary of Selina, merged with and into BOA, with BOA surviving
the merger and, as a result of that merger, BOA became a direct,
wholly-owned subsidiary of Selina, with the securityholders of BOA
becoming securityholders of Selina. Selina’s ordinary shares and
public warrants will today begin trading on the Nasdaq under the
ticker symbol “SLNA” and “SLNAW”, respectively.
“Today marks a major milestone for Selina, as we complete our
goal of becoming a publicly traded company and embark on our next
chapter of growth,” said Rafael Museri, Co-Founder and Chief
Executive Officer of Selina. “The completion of this transaction is
further validation of our highly differentiated hospitality
offering, we can scale the brand and our unique destinations to
travelers and locals around the world like never before. We look
forward to leveraging this capital to drive long-term profitable
growth, introduce new offerings that facilitate meaningful
connections, and enhance our technology to support our rapid global
expansion.”
Ben Friedman, President and CFO of BOA Acquisition Corp.,
commented, “Selina is one of the few hospitality companies that is
truly revolutionizing travel and is addressing a meaningful market
need. We are proud to have played a role in helping this dynamic
lifestyle brand go public, and look forward to continuing our
collaboration with Rafi and the rest of Selina’s talented team as
they grow the Selina platform and execute their strategy to achieve
profitability.”
The combined company will continue to be led by Museri alongside
the rest of the current Selina management team. Selina’s Board of
Directors comprises seven directors, including Museri and Daniel
Rudasevski, Co-Founder and Chief Growth Officer of Selina. The
Board’s five independent directors include Chairman Eric J. Foss as
well as Catherine Dunleavy, Eileen Moore Johnson, Richard S.
Stoddart and Adi Soffer Teeni.
In addition to potential cash proceeds from BOAS’ cash in trust,
the business combination is expected to provide Selina with $54
million of capital via its private placement financing, and $118
million from subscriptions to the $147.5 million principal amount
of 6 percent senior unsecured convertible notes due 2026 announced
on April 25, 2022 - each to fund Selina’s operations and continue
its plans to achieve profitability.
Members of the Selina leadership team rang the closing bell at
the Nasdaq at 4:00 p.m. eastern time on October 26, 2022 to
celebrate closing of the transactions.
About Selina
Selina is one of the world's largest lifestyle and experiential
hotel company built to address the needs and desires of millennial
and Gen Z travelers, blending beautifully designed accommodation
with coworking, recreation, wellness, and local experiences.
Custom-built for today's nomadic traveler, Selina provides guests
with a global infrastructure to seamlessly travel, work and play.
Founded in 2014, each Selina property is designed in partnership
with local artists, creators, and tastemakers, breathing new life
into existing buildings in interesting locations around the world –
from urban cities to remote beaches and jungles. Selina's portfolio
includes over 163 open or secured properties across 25 countries
and 6 continents. On December 2, 2021, Selina entered into a
definitive merger agreement with BOA Acquisition Corp. (NYSE:
BOAS), the closing of which, which is subject to customary
conditions, will result in Selina becoming a publicly listed
company. For further information on Selina, visit www.selina.com or
check out @selina on Instagram, Twitter or Facebook.
Forward-Looking Statements
This communication includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements generally relate to future events, including, without
limitation, statements regarding the Business Combination and
expectations or plans of Selina’s management. In some cases, you
can identify forward-looking statements by terminology such as
“may,” “should,” “expect,” “intend,” “will,” “estimate,”
“anticipate,” “believe,” “predict,” “potential,” or “continue,” or
the negatives of these terms or variations of them or similar
terminology. Such forward-looking statements are subject to risks,
uncertainties (some of which are beyond the control of Selina), and
other factors which could cause actual results to differ materially
from those expressed or implied by such forward-looking statements.
These forward-looking statements are based upon estimates and
assumptions that, while considered reasonable by Selina and its
management, are inherently uncertain. Factors that may cause actual
results to differ materially from current expectations include,
without limitation: (1) the occurrence of any event, change, or
other circumstances that could give rise to the termination of the
definitive agreements respecting the Business Combination; (2) the
outcome of any legal proceedings that may be instituted against
BOA, Selina, or others following the announcement of the Business
Combination; (3) the inability to complete the Business Combination
due to the failure to obtain approval of the stockholders of BOA or
to satisfy other conditions to closing; (4) changes to the proposed
structure of the Business Combination that may be required or
appropriate as a result of applicable laws or regulations; (5) the
ability of Selina to meet applicable listing standards following
the consummation of the Business Combination; (6) the risk that the
Business Combination disrupts current plans and operations of
Selina as a result of the announcement and consummation of the
Business Combination; (7) the ability to recognize the anticipated
benefits of the Business Combination, which may be affected by,
among other things, competition, the ability of the combined
company to grow and manage growth profitably, maintain
relationships with customers and suppliers, and retain its
management and key employees; (8) costs related to the Business
Combination; (9) changes in applicable laws or regulations; (10)
the possibility that Selina may be adversely affected by other
economic, business, and/or competitive factors; (11) the impact of
the COVID-19 pandemic on Selina’s business and/or the ability of
the parties to complete the Business Combination; (12) our future
financial business performance; and (13) other risks and
uncertainties to be contained in the Registration Statement and the
definitive proxy statement included therein. In addition, there may
be additional risks that Selina does not presently know, or that
Selina currently believes are immaterial, that could also cause
actual results to differ from those contained in the
forward-looking statements. Nothing in this communication should be
regarded as a representation by any person that the forward-looking
statements set forth herein will be achieved or that any of the
contemplated results of such forward-looking statements will be
achieved. You should not place undue reliance on forward-looking
statements, which speak only as of the date they are made. Except
as may be required by law, Selina does not undertake any duty to
update these forward-looking statements.
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