ProSomnus, a leader in patient-preferred medical devices for the
treatment of Obstructive Sleep Apnea (OSA), today announced plans
for a new 32,219-square-foot facility in Pleasanton, California,
USA. The facility will serve as the company’s global headquarters
and manufacturing center of excellence. The move will quintuple
manufacturing capacity, enabling ProSomnus to meet the rapidly
growing demand for the company’s FDA-cleared oral appliance therapy
devices. ProSomnus expects to begin operations at the facility in
January 2023.
In addition to expanding capacity, the purpose-built facility
will allow ProSomnus, a pioneer in precision oral appliance
therapy, to enhance production workflows. The facility will be
optimized for mass-customized manufacturing, artificial
intelligence-driven medical device design, and 3D robotic milling,
with the intention of enhancing production flow, product quality,
manufacturing service and logistics.
“Our new Pleasanton facility will be engineered to improve
productivity and process efficiency by applying the latest
technologies and lean workflow,” stated Sung Kim, Co-Founder and
Chief Technology Officer of ProSomnus. “Our enhanced manufacturing
facility will allow the advancement of disruptive ideas that turn
into innovative products.”
The new facility location was selected with employees, customers
and suppliers in mind. The facility is within walking distance of
rail and bus commuter centers, offers easy access to two major
highways, and is near key shipping and logistics partners.
Employees will enjoy outdoor break space and easy access to many
local shops and restaurants.
“Expanding our footprint in a logistical hub such as Pleasanton
is a critical step in making our patient-preferred Oral Appliance
Therapy devices available to as many patients as possible,” said
Len Liptak, Co-Founder and Chief Executive Officer of ProSomnus.
“Our new facility will help ProSomnus meet the growing, global,
demand for our medical devices, optimize our workflows, offers new
jobs for the local economy, and provide employees with new career
opportunities.”
About ProSomnusProSomnus is the first
manufacturer of precision, mass-customized oral appliance therapy
devices to treat OSA, which affects over 74 million Americans and
is associated with serious comorbidities, including heart failure,
stroke, hypertension, morbid obesity and type 2 diabetes.
ProSomnus’s patented devices are a more comfortable and less
invasive alternative to Continuous Positive Airway Pressure (CPAP)
therapy, and lead to more effective and patient-preferred outcomes.
With more than 150,000 patients treated, ProSomnus’s devices are
the most prescribed oral appliance therapy in the U.S. To learn
more, visit www.ProSomnus.com.
In May 2022, ProSomnus entered a definitive merger agreement
with Lakeshore Acquisition I Corp. (Nasdaq: LAAA), a special
purpose acquisition company. Upon closing, the combined company is
expected to change its name to ProSomnus, Inc. and its Class A
common stock is expected to be traded on the Nasdaq Capital Market
under the symbol “OSA”.
Important Notice Regarding Forward-Looking
StatementsThis Press Release contains certain
“forward-looking statements” within the meaning of the Securities
Act of 1933 and the Securities Exchange Act of 1934, both as
amended. Statements that are not historical facts, including
statements about the pending transactions among Lakeshore
Acquisition I Corp. (together with its successors, the
“Purchaser”), LAAA Merger Sub Inc., a Delaware corporation and
wholly-owned subsidiary of Purchaser (the “Merger Sub”), ProSomnus,
HGP II, LLC, a Delaware limited liability company, as the
representative of the stockholders of ProSomnus, and RedOne
Investment Limited, a British Virgin Islands company, as the
representative of the stockholders of Purchaser, and the
transactions contemplated thereby, and the parties’ perspectives
and expectations, are forward-looking statements. The words
“expect,” “believe,” “estimate,” “intend,” “plan” and similar
expressions indicate forward-looking statements. These
forward-looking statements are not guarantees of future performance
and are subject to various risks and uncertainties, assumptions
(including assumptions about general economic, market, industry and
operational factors), known or unknown, which could cause the
actual results to vary materially from those indicated or
anticipated.
Such risks and uncertainties include, but are not limited to:
(i) the risk that the transaction may not be completed in a timely
manner or at all, which may adversely affect the price of
Purchaser’s securities; (ii) the risk that the transaction may not
be completed by Purchaser’s business combination deadline and the
potential failure to obtain an extension of the business
combination deadline if sought by Purchaser; (iii) the failure to
satisfy the conditions to the consummation of the transaction,
including the approval of the business combination agreement by the
stockholders of Purchaser, the satisfaction of the minimum cash
amount following any redemptions by Purchaser’s public stockholders
and the receipt of certain governmental and regulatory approvals;
(iv) the lack of a third-party valuation in determining whether or
not to pursue the proposed transaction; (v) the occurrence of any
event, change or other circumstance that could give rise to the
termination of the business combination agreement; (vi) the effect
of the announcement or pendency of the transaction on ProSomnus’s
business relationships, operating results and business generally;
(vii) risks that the proposed transaction disrupts current plans
and operations of ProSomnus; (viii) the outcome of any legal
proceedings that may be instituted against ProSomnus or Purchaser
related to the business combination agreement or the proposed
transaction; (ix) the ability to maintain the listing of
Purchaser’s securities on a national securities exchange; (x)
changes in the competitive industries in which ProSomnus operates,
variations in operating performance across competitors, changes in
laws and regulations affecting ProSomnus’s business and changes in
the combined capital structure; (xi) the ability to implement
business plans, forecasts and other expectations after the
completion of the proposed transaction, and identify and realize
additional opportunities; (xii) the risk of downturns in the market
and ProSomnus’s industry including, but not limited to, as a result
of the COVID-19 pandemic; (xiii) costs related to the transaction
and the failure to realize anticipated benefits of the transaction
or to realize estimated pro forma results and underlying
assumptions, including with respect to estimated stockholder
redemptions; (xiv) the inability to complete its convertible debt
financing; (xv) the risk of potential future significant dilution
to stockholders resulting from lender conversions under the
convertible debt financing; and (xvi) risks and uncertainties
related to ProSomnus’s business, including, but not limited to,
risks relating to the uncertainty of the projected financial
information with respect to ProSomnus; risks related to ProSomnus’s
limited operating history, the roll-out of ProSomnus’s business and
the timing of expected business milestones; ProSomnus’s ability to
implement its business plan and scale its business, which includes
the recruitment of healthcare professionals to prescribe and
dentists to deliver ProSomnus oral devices; the understanding and
adoption by dentists and other healthcare professionals of
ProSomnus oral devices for mild-to-moderate OSA; expectations
concerning the effectiveness of OSA treatment using ProSomnus oral
devices and the potential for patient relapse after completion of
treatment; the potential financial benefits to dentists and other
healthcare professionals from treating patients with ProSomnus oral
devices and using ProSomnus’s monitoring tools; ProSomnus’s
potential profit margin from sales of ProSomnus oral devices;
ProSomnus’s ability to properly train dentists in the use of the
ProSomnus oral devices and other services it offers in their dental
practices; ProSomnus’s ability to formulate, implement and modify
as necessary effective sales, marketing, and strategic initiatives
to drive revenue growth; ProSomnus’s ability to expand
internationally; the viability of ProSomnus’s intellectual property
and intellectual property created in the future; acceptance by the
marketplace of the products and services that ProSomnus markets;
government regulations and ProSomnus’s ability to obtain applicable
regulatory approvals and comply with government regulations,
including under healthcare laws and the rules and regulations of
the U.S. Food and Drug Administration; and the extent of patient
reimbursement by medical insurance in the United States and
internationally. A further list and description of risks and
uncertainties can be found in Purchaser’s initial public offering
prospectus dated June 10, 2021 and in Purchaser’s quarterly reports
on Form 10-Q and annual reports on Form 10-K filed with the
Securities and Exchange Commission (the “SEC”) subsequent thereto
and in the Registration Statement on Form S-4 and proxy statement
that will be filed with the SEC by the Purchaser in connection with
the proposed transactions, and other documents that the parties may
file or furnish with the SEC, which you are encouraged to read.
Should one or more of these risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may
vary materially from those indicated or anticipated by such
forward-looking statements. Accordingly, you are cautioned not to
place undue reliance on these forward-looking statements.
Forward-looking statements relate only to the date they were made,
and Purchaser, Merger Sub, ProSomnus, and their subsidiaries
undertake no obligation to update forward-looking statements to
reflect events or circumstances after the date they were made
except as required by law or applicable regulation.
Additional Information and Where to Find ItIn
connection with the transaction described herein, Purchaser will
file relevant materials with the SEC, including the Registration
Statement on Form S-4 and a proxy statement. The proxy statement
and a proxy card will be mailed to stockholders as of a record date
to be established for voting at the stockholders’ meeting relating
to the proposed transactions. Stockholders will also be able to
obtain a copy of the Registration Statement on Form S-4 and proxy
statement without charge from Purchaser. The Registration Statement
on Form S-4 and proxy statement, once available, may also be
obtained without charge at the SEC’s website at www.sec.gov or by
writing to Purchaser at 667 Madison Avenue, New York, NY 10065.
INVESTORS AND SECURITY HOLDERS OF PURCHASER ARE URGED TO READ
THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO)
AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE
TRANSACTIONS THAT PURCHASER WILL FILE WITH THE SEC WHEN THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT
PURCHASER, PROSOMNUS AND THE TRANSACTIONS.
Participants in SolicitationPurchaser, Merger
Sub, ProSomnus, certain stockholders of ProSomnus, and their
respective directors, executive officers and employees and other
persons may be deemed to be participants in the solicitation of
proxies from the holders of Purchaser common stock in respect of
the proposed transaction. Information about Purchaser’s directors
and executive officers and their ownership of Purchaser’s ordinary
shares is set forth in Purchaser’s Annual Report on Form 10-K for
the year ended December 31, 2021 filed with the SEC. Other
information regarding the interests of the participants in the
proxy solicitation will be included in the proxy statement
pertaining to the proposed transaction when it becomes available.
These documents can be obtained free of charge from the sources
indicated above.
No Offer or SolicitationThis press release is
not a proxy statement or solicitation of a proxy, consent or
authorization with respect to any securities or in respect of the
potential business combination or any other matter and shall not
constitute an offer to sell or a solicitation of an offer to buy
the securities of Purchaser, ProSomnus or the combined company, nor
shall there be any sale of any such securities in any state or
jurisdiction in which such offer, solicitation, or sale would be
unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction. No offer of
securities shall be made except by means of a prospectus meeting
the requirements of the Securities Act of 1933, as amended.
Investor ContactMike CavanaughICR
WestwickePhone: +1.617.877.9641Email:
Mike.Cavanaugh@westwicke.com
Media ContactKyle EvansICR WestwickePhone:
+1.646.277.1295Email: Kyle.Evans@westwicke.com
Lakeshore Acquisition I (NASDAQ:LAAA)
Historical Stock Chart
From Aug 2024 to Sep 2024
Lakeshore Acquisition I (NASDAQ:LAAA)
Historical Stock Chart
From Sep 2023 to Sep 2024