DGAP-News: Lakestar SPAC I SE / Key word(s): Capital Increase
Lakestar SPAC I SE launches bookbuilding for up to EUR 275 million private placement and listing on the Frankfurt Stock
Exchange
2021-02-17 / 14:52
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Press Release
Lakestar SPAC I SE launches bookbuilding for up to EUR 275 million private placement and listing on the Frankfurt Stock
Exchange
. First tech-focused SPAC in Europe established for the purpose of acquiring a European late-stage growth company in
the technology sector
. Sponsored by Dr. Klaus Hommels, founder and chairman of Lakestar Advisors, and led by an experienced management
team with Stefan Winners (CEO) and Inga Schwarting (CIO) providing high-quality access to many of Europe's most
promising tech companies
. Capital structure designed to align interests of founders and shareholders and to promote long-term value creation
. Any proposed Business Combination must be approved by a majority of the votes cast at the general shareholders'
meeting
. Trading on the Frankfurt Stock Exchange expected to commence on 22 February 2021
Luxembourg, 17 February 2021 - Lakestar SPAC I SE (the "Company"), a Luxembourg-incorporated newly formed special
purpose acquisition company (SPAC), today announced the start of a private placement of up to 27,500,000 units (the
"Units"), each consisting of one share (a "Public Share") and 1/3 warrant (a "Public Warrant"), and subsequent listing
on the Frankfurt Stock Exchange. The Units will be solely offered to institutional investors at a price of EUR 10.00
per Unit, representing a total placement volume of up to EUR 275 million. The private placement period is expected to
end on or before 18 February 2021. The Public Shares will be admitted for trading on the regulated market (regulierter
Markt) of the Frankfurt Stock Exchange (General Standard) (ticker LRS1). The Public Warrants will be introduced to
trading on the open market (Freiverkehr) of the Frankfurt Stock Exchange (Börse Frankfurt Zertifikate AG) (ticker
LRSW). Trading of the shares and warrants is expected to commence on 22 February 2021.
The Company, sponsored by Dr. Klaus Hommels, founder and chairman of Lakestar Advisors, was established for the purpose
of acquiring a European late-stage growth company in the technology sector (the "Business Combination").
The founders of Lakestar SPAC I are Dr. Klaus Hommels, together with the Company's Chief Executive Officer (CEO),
Stefan Winners, and the Chief Investment Officer (CIO), Inga Schwarting. Dr. Klaus Hommels will be Chairman of the
Supervisory Board.
Dr. Klaus Hommels, Sponsor and Chairman of the Supervisory Board of Lakestar SPAC I: "The European technology sector
today offers attractive investment opportunities with promising valuations and many excellent growth companies. As a
team, we are deeply embedded in Europe's growth-stage and pre-IPO ecosystem and have high-quality access to assets, as
well as an extensive deal-sourcing network. We are excited to launch the first European tech-focused SPAC, which we
expect to benefit from our long-standing and trusted relationships with many of Europe's most promising tech
companies."
Stefan Winners, CEO of Lakestar SPAC I: "It is our goal to partner with an outstanding business that will profit from
our team's ability to support great entrepreneurs and to provide them with deep industry and capital markets expertise,
creating further value and driving post-merger performance."
Inga Schwarting, CIO of Lakestar SPAC I: "For late-stage tech companies, our SPAC offers an efficient alternative route
to market compared to a conventional IPO. For investors, this is an opportunity to invest in a promising growth-stage
European tech company."
Visionary Sponsor and Experienced Leadership Team
Dr. Klaus Hommels is one of Europe's leading business angels and venture capitalists and a prominent voice in the
European tech ecosystem. It is his ambition to strengthen Europe's position in times of digital transformation. Klaus
is regularly recognized as one of Europe's top venture capital investors.
Lakestar SPAC I will further benefit from the investing and operating experience of its management team, representing a
powerful combination of growth-stage and public market expertise.
CEO Stefan Winners looks back on more than 20 years' experience of successfully investing in and leading digital, tech
and media companies, as both CEO and Board Member. Stefan was CEO of Burda Digital SE and TOMORROW FOCUS AG and
actively supported as Chairman or Member of the Advisory Board the successful business development of companies such as
New Work SE (former XING SE), Zooplus, Giesecke & Devrient GmbH and others.
CIO Inga Schwarting is the founder and CEO/CIO of Key Partners Capital GmbH, one of the leading European privately held
investment firms focusing on pre-IPO and growth-stage tech investments on a single deal basis. Investments include
Spotify, Beyond Meat, Wish, Robinhood and Nubank, amongst others. Her former positions include roles with Axel Springer
SE, HSBC and Berenberg.
European Technology Sector Provides Attractive Opportunities
Dr. Klaus Hommels: "The European technology sector provides a highly attractive opportunity, with technology
investments having historically delivered outstanding returns compared to the broader market. We believe Lakestar SPAC
I is an ideal partner for a late-stage technology business seeking to continue its growth story as a listed company. We
aim to invest in a company to help develop it into a European tech-champion capable of reshaping our modern life. I am
convinced that Europe needs to create its own digital sovereignty to reduce dependency on foreign funds and to
strengthen control of our tech innovations. Listings via SPACs can help us close the gaps that we, in Europe,
traditionally have when it comes to equipping our companies with sufficient capital. The biggest needs involve
companies that require 200 to 300 million euros in capital to continue growing. We therefore aim to invest in a
European company which historically would have needed to raise that capital from US markets."
The Lakestar SPAC I team intends to invest in one late-stage, IPO-ready tech company with principal business activities
in Europe, the UK or Switzerland and with a focus on SaaS (software as a service), fintech, transportation and
logistics, healthtech or deep tech, i.e. a company that develops new products based on scientific discovery or
meaningful engineering innovation. The targeted company is expected to have an equity value between EUR 750 million and
EUR 4 billion which will be paid in new shares and/or in cash, including from the proceeds of a possible future private
placement in connection with the Business Combination.
Lakestar SPAC I will have 24 months to consummate a Business Combination, plus an additional three months in case it
signs a legally binding agreement with the seller of a target within those initial 24 months. Otherwise, the Company
will be liquidated and will distribute substantially all of its assets to its shareholders. In the meantime, the
proceeds of the initial private placement will be held in an escrow account.
Capital Structure Designed to Promote Alignment of Interests and Long-Term Value Creation
The capital structure of Lakestar SPAC I was designed to give the founders of the Company strong financial incentives
to seek a Business Combination that provides opportunities for growth and enhanced value for public shareholders.
. Founders Promote: Upon completion of the private placement, the founders will own 6,875,000 Founder Shares
(excluding the additional sponsor subscription) representing approx. 20% of the then outstanding, on an
as-converted basis, share capital of the Company. The Founder Shares will not be listed and cannot be transferred,
assigned, pledged or sold prior to the Business Combination (apart to permitted transferees as defined in the
prospectus). In order to benefit together with the public shareholders from a positive share price development,
Founder Shares will only convert into Public Shares in accordance with the following schedule: (i) 1/3 on the
trading day following the consummation of the Business Combination, (ii) 1/3 if, post consummation of the Business
Combination, the closing price of the Public Shares for any 10 trading days within a 30 trading day period exceeds
EUR 12.00 and (iii) the remaining Founder Shares if, post consummation of the Business Combination, the closing
price of the Public Shares for any 10 trading days within a 30 trading day period exceeds EUR 14.00. The aim is to
substantially align the interests of the founders with those of public shareholders.
. Founders lock-up: Until consummation of the Business Combination, the Founder Shares and the Founder Warrants
cannot be transferred, assigned, pledged or sold other than to permitted transferees. From the consummation of the
Business Combination, the Public Shares received by the founders as a result of conversion of their Founder Shares
in accordance with the promote schedule (except for a number of shares representing 50% of the Public Shares
received upon consummation of the Business Combination), will become transferrable on the first anniversary of the
Business Combination or earlier if, at any time, the closing price of the Public Shares equals or exceeds EUR 12.00
for any 20 trading days within any 30-trading day period. (MORE TO FOLLOW) Dow Jones Newswires
February 17, 2021 08:54 ET (13:54 GMT)
