SAN
FRANCISCO, Dec. 2, 2022 /PRNewswire/
-- Lakeshore Acquisition I Corp. (Nasdaq: LAAA) ("Lakeshore")
today announced that its shareholders have approved all proposals
related to the previously announced business combination (the
"Business Combination") with ProSomnus Holdings, Inc. ("ProSomnus")
at a special meeting of shareholders held on December 2, 2022. Approximately 92.4% of the
votes cast at the meeting on the Business Combination proposal,
representing approximately 80.5% of Lakeshore's outstanding shares,
voted to approve the Business Combination.
The closing of the Business Combination is anticipated to occur
on or about December 6, 2022. Following the closing, the
combined company will operate as ProSomnus, Inc., and its shares of
common stock and warrants are expected to trade on the Nasdaq
Capital Market under the symbols "OSA" and "OSAW," respectively, on
December 7, 2022.
About ProSomnus
ProSomnus is the first manufacturer of precision,
mass-customized Precision 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 Precision Oral Appliance Therapy in the U.S. To
learn more, visit www.ProSomnus.com.
About Lakeshore
Lakeshore Acquisition I Corp. is a blank check company, also
commonly referred to as a special purpose acquisition company, or
SPAC, formed for the purpose of effecting a merger, share exchange,
asset acquisition, share purchase, reorganization or similar
business combination with one or more businesses or entities.
Important Notice Regarding Forward-Looking Statements
This 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 Business
Combination, 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, the
satisfaction of the minimum cash amount following any redemptions
by Purchaser's public shareholders 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 has been and 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.
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SOURCE Lakeshore Acquisition I Corp.