NEW YORK, Oct. 27, 2022–(BUSINESS WIRE)–Selina, the fast-growing lifestyle and dining experiences company that caters to millennial and Gen Z travelers whose mission is focused on building meaningful connections, and BOA Acquisition Corp. (NYSE: BOAS) (BOA), a publicly traded special purpose entity, today announced the completion of its business combination (the “Business Combination”).
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The business combination was approved by BOA shareholders at a special meeting on October 21, 2022. Samba Merger Sub, Inc., a subsidiary of Selina, merged with and became BOA, with BOA surviving the merger and as a result of this merger, BOA became a direct wholly owned subsidiary of Selina, with BOA’s securityholders becoming Selina’s securityholders. Selina’s common stock and public warrants are trading today on the Nasdaq under the ticker symbols “SLNA” and “SLNAW,” respectively.
“Today marks an important milestone for Selina as we achieve our goal of becoming a public company and begin 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 using this capital to drive long-term profitable growth, introducing new offerings that enable meaningful connections, and enhancing 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 addressing a significant 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 build the Selina platform and their strategy to achieve profitability.”
The combined company will continue to be led by Museri along with the rest of the current Selina management team. Selina’s board of directors consists of seven directors, including Museri and Daniel Rudasevski, Selina’s co-founder and chief growth officer. The Board’s five independent directors include Chairman Eric J. Foss, Catherine Dunleavy, Eileen Moore Johnson, Richard S. Stoddart and Adi Soffer Teeni.
In addition to potential cash proceeds from the BOAS trust, the business combination is expected to raise Selina $54 million in principal through its private placement financing and $118 million from subscriptions of $147.5 million in principal of 6 percent senior unsecured Provide convertible bonds due 2026, announced April 25, 2022 – each to fund Selina’s operations and to continue its plans to achieve profitability.
Members of Selina’s executive team rang the closing bell on Nasdaq on October 26, 2022 at 4:00 p.m. Eastern Time to celebrate the closing of the transactions.
Selina is one of the world’s largest lifestyle and experience hospitality companies, catering to the needs and desires of Millennial and Gen Z travelers, combining beautifully designed accommodations with coworking, relaxation, wellness and local experiences. Designed with today’s nomadic traveler in mind, Selina offers guests a global infrastructure to travel, work and play seamlessly. Launched in 2014, each Selina hotel is designed in collaboration with local artists, creators and tastemakers, breathing new life into existing buildings in interesting locations around the world – from big cities to secluded beaches and jungles. Selina’s portfolio includes over 163 open or secured properties in 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, subject to customary conditions, will result in Selina becoming a public company. For more information about Selina, visit www.selina.com or follow @selina on Instagram, Twitter or Facebook.
This release contains “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 address future events, including, without limitation, statements about the Company and expectations or plans by Selina’s management. In some cases, you can identify forward-looking statements by words such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or ” continue” or the negatives of these terms or variations thereof or similar terminology. Such forward-looking statements are subject to risks, uncertainties (some of which are beyond Selina’s control) and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based on estimates and assumptions that, while believed to be reasonable by Selina and its management, are inherently uncertain. Factors that could cause actual results to differ materially from current expectations include, among others: (1) the occurrence of events, changes or other circumstances that could cause the definitive agreements relating to the business combination to be terminated ; (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 because of failure to obtain BOA shareholder approval or other closing conditions; (4) changes to the proposed business combination structure that may be required or appropriate by applicable law or regulation; (5) Selina’s ability to comply with applicable listing standards after the Completion of the Business Combination; (6) the risk that the business combination will disrupt Selina’s current plans and operations 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 adversely affected by, among other things, competition, the combined company’s ability to grow and manage growth profitably, maintain relationships with customers and suppliers, and management and key employees; (8) costs related to the business combination; (9) changes in applicable laws or regulations; (10) the possibility that Selina will 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 parties’ ability to complete the business combination; (12) our future financial business performance; and (13) other risks and uncertainties that must be included in the registration statement and the definitive proxy statement contained therein. In addition, there may be additional risks of which Selina is currently unaware or which Selina currently considers immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Nothing in this release should be taken as a representation by any person that any forward-looking statements contained herein will be achieved or that any of the intended 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 required by law, Selina undertakes no obligation to update these forward-looking statements.
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