Selina Hospitality PLC (“Selina”), the fast-growing lifestyle and experiential hotel company targeting Millennial and Gen Z travelers, and BOA Acquisition Corp. (“BOA”), a special purpose acquisition company, today announced that the Registration Statement on Form F-4 (the “proxy statement”) filed with the U.S. Securities and Exchange Commission (the “SEC”) was declared effective on September 30, 2022.The proxy statement was filed with the SEC in connection with the proposed business combination between BOA and Selina announced on December 2, 2021 (the “Business Combination”). The proxy statement provides important information about BOA, Selina and the Business Combination.
BOA has scheduled the Special Meeting of stockholders to seek approvals relating to the Business Combination. A record date of August 18, 2022 has been set for the determination of stockholders eligible to receive the proxy statement and vote at the Special Meeting. Distribution of the definitive proxy statement to eligible stockholders will begin in the following days. Voting is easy and can be done via touch-tone phone, internet or mail by following the instructions provided by your bank or broker.
If approved by BOA’s stockholders, the parties anticipate that the Business Combination will become effective shortly after the Special Meeting, upon the satisfaction of all other closing conditions. BOA’s Board of Directors unanimously recommends that its stockholders vote “FOR” the approval of the Business Combination and the transactions contemplated thereby.
“We continue the positive momentum to a record year ahead; we keep being true to our mission by connecting our brand to local guests, remote workers, and digital nomads. In the first half of this year, we increased our total revenue by 142% and occupancy by 60% compared to the same period in 2021,” said Rafael Museri, Co-Founder and Chief Executive Officer of Selina. “We opened 3,368 bedspaces within 13 properties in Greece, Australia, Portugal, Panama, the United States, Morocco and Israel. We also signed 7,374 bedspaces within 17 new properties and expansions across Australia, the United States, Greece, Mexico, Portugal, Panama and Israel. This brings the total count at the end of H1 2022 to 163 open and secured locations in 25 countries across six continents.”
The Class A common stock of BOA and the publicly-traded BOA warrants currently are traded on the New York Stock Exchange under the symbols “BOAS” and “BOAS WS”, respectively. Upon closing of the transaction, the ordinary shares of Selina are expected to be publicly traded on Nasdaq under the ticker symbol “SLNA” while the BOA warrants, which will be automatically assigned to and assumed by Selina, will trade under the “SLNAW” ticker symbol. Upon completion of the business combination, subject to any redemptions by the public stockholders of BOA and the payment of transaction expenses at closing, Selina expects to have approximately $54 million in PIPE proceeds, up to $231 million in cash from BOA’s trust account and $118 million from subscriptions to the $147.5 million principal amount of 6% senior unsecured convertible notes due 2026 announced on April 25, 2022 to fund operations and continue its plans to achieve profitability.
If any stockholder does not receive the proxy statement, please request your voting control number from your bank or broker or, alternatively, contact Morrow Sodali LLC, BOA’s proxy solicitor, for assistance via e-mail at BOA.info@investor.
The Special Meeting will be held at 10:00 a.m. Eastern Time, on October 21, 2022 via live webcast at https://www.cstproxy.com/
