Item 8.01. Other Events.
On June 15, 2021, Lakeshore Acquisition I Corp. (the "Company") consummated its
initial public offering (the "IPO") of 5,000,000 units (the "Units"). Each Unit
consists of one ordinary share of the Company, par value $0.0001 per share (the
"Ordinary Shares") and three-quarters of one redeemable warrant ("Warrant"),
each whole Warrant entitling the holder thereof to purchase one Ordinary Share
for $11.50 per share. The Units were sold at a price of $10.00 per Unit,
generating gross proceeds to the Company of $50,000,000.
Simultaneously with the closing of the IPO, the Company consummated a private
placement (the "Private Placement") in which the Sponsor, Polar Multi-Strategy
Master Fund, MAZ Partners LP and Myda SPAC Select, LP, and the representatives
and certain of their affiliates purchased 250,000 private units (the "Private
Placement Units") at a price of $10.00 per Private Unit, generating total
proceeds of $2,500,000. The Private Placement Units are identical to the Units
sold in the IPO except that the Private Placement Units are subject to transfer
restrictions. The Private Placement Units may not, subject to certain limited
exceptions, be transferred, assigned or sold by the holders until 30 days after
the completion of our initial business combination. The holders of the Private
Placement Units were granted certain demand and piggyback registration rights in
connection with the Private Placement. The Private Placement Units were issued
pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, as the
transactions did not involve a public offering.
As of June 15, 2021, a total of $50,000,000 of the net proceeds from the IPO and
the Private Placement was placed in a U.S.-based trust account maintained by
Continental Stock Transfer & Trust Company, acting as trustee.
An audited balance sheet as of June 15, 2021 reflecting receipt of the proceeds
upon consummation of the IPO and the sale of the Private Placement Units has
been issued by the Company and is included as Exhibit 99.1 to this Current
Report on Form 8-K.
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LAKESHORE ACQUISITION I CORP. 