Selina, the hospitality and lifestyle company announced on Thursday that it had completed its merger with the special purpose acquisition company (SPAC) BOA Acquisition Corp (BOAS).
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Following the merger, Selina’s stock surged fourfold from its starting price of $10 to close at $40.37 on Thursday.
This merger was approved by BOA’s stockholders on October 21, 2022. After this merger, BOA has become a direct, wholly-owned subsidiary of Selina, with the security holders of BOA becoming security holders of Selina.
From Thursday onwards, Selina’s ordinary shares and public warrants began trading on the Nasdaq under the ticker symbol ‘SLNA’ and ‘SLNAW’, respectively.
As a result of this merger, Selina will receive potential cash proceeds from BOAS’ cash in trust. In addition, Selina will receive $54 million of capital via its private placement financing, and $118 million from subscriptions to the $147.5 million principal amount of 6% senior unsecured convertible notes due 2026 announced on April 25 this year.
Rafael Museri, Co-Founder and CEO of Selina commented, “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.”
