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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 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.
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