BOA Acquisition Corp. Stockholders Approve Previously Announced Business Combination with Selina

Rhea-AI Summary

BOA Acquisition Corp. (NYSE: BOAS) announced that over 83% of stockholders approved the business combination with Selina Hospitality PLC during a Special Meeting on October 21, 2022. Approximately 89.7% of BOA's shares were represented. CEO Rafael Museri expressed confidence in Selina's brand appeal to millennial and Gen Z travelers, aiming for profitability as a public company. The transaction will close upon meeting closing conditions, with Selina's stock expected to trade on Nasdaq under ticker symbols 'SLNA' and 'SLNAW' post-combination.

Positive

• Approval of business combination with Selina by over 83% of stockholders.
• High turnout at the Special Meeting with 89.7% of shares present.
• Selina positioned as a leader in the lifestyle and experiential hotel market.

Negative

• Potential risks associated with closing conditions and regulatory approvals.
• Uncertainty regarding Selina's ability to meet listing standards on Nasdaq.

Transaction anticipated to close upon satisfaction of all closing conditions

NEW YORK--(BUSINESS WIRE)-- BOA Acquisition Corp. (NYSE: BOAS) (BOA), a special purpose acquisition company, today announced that BOA stockholders voted to approve the previously proposed business combination with Selina Hospitality PLC (“Selina”) at BOA’s special meeting of BOA stockholders (the “Special Meeting”) held on Friday, October 21, 2022.

More than 83% of the votes present at the meeting voted to approve the business combination with Selina. Holders of approximately 89.7% of BOA’s issued and outstanding shares were present at the Special Meeting. BOA stockholders also voted overwhelmingly to approve the other proposals at the Special Meeting.

“We are pleased to see the broad investor support for our business combination with BOA Acquisition Corp.,” said Rafael Museri, Co-Founder and Chief Executive Officer of Selina. “We believe the Selina brand resonates with a new generation of travelers, and we will continue delivering on our mission to drive meaningful connections between people while remaining focused on achieving profitability as we grow and scale our platform. We are excited about our future as a public company.”

Ben Friedman, President and CFO of BOA Acquisition Corp., commented, “The entire BOA team is excited to move to closing this transaction and watch Selina join the public markets. Selina has established itself as the leading player in a very large and underserved market, and is one of the few companies that is truly disrupting and redefining the future of accommodation on a global basis.”

The business combination is expected 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 formal results of the vote will be included in a Current Report on Form 8-K to be filed by BOA with the U.S. Securities and Exchange Commission, which will be available at www.sec.gov.

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. For further information on Selina, visit www.selina.com or check out @selina on Instagram, Twitter or Facebook. To explore Selina real estate partnership opportunities, please contact partnerships@selina.com.

About BOA Acquisition Corp.

BOA Acquisition Corp. (“BOA”) is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. While BOA may pursue an initial business combination target in any business or industry, it intends to focus its search on businesses that provide technological solutions and innovation to the broader real estate industry.

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 satisfy 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; and (12) 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221024005553/en/

Media:

ICR for Selina

Selina@icrinc.com

Source: Selina

FAQ

What was the outcome of BOA Acquisition Corp.'s Special Meeting on October 21, 2022?

Over 83% of BOA stockholders voted in favor of the business combination with Selina Hospitality PLC.

What new ticker symbols will Selina trade under post-combination?

Selina's common stock will trade under 'SLNA' and warrants under 'SLNAW'.

What is Selina's target market?

Selina focuses on millennial and Gen Z travelers, providing a blend of accommodation and local experiences.

What are the risks associated with the business combination of BOA and Selina?

Risks include satisfaction of closing conditions and uncertainty in meeting Nasdaq listing standards.