Item 8.01. Other Events.
As previously disclosed on a Current Report on Form 8-K dated June 22, 2021 (the
"Current Report"), 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.
As previously disclosed in the Current Report, 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. In
addition, the underwriters of the IPO (the "Underwriters") were granted a 45-day
option to purchase up to an aggregate of 750,000 additional Units to cover
over-allotments, if any.
On June 25, 2021, the Underwriters partially exercised the over-allotment option
and purchased an additional 467,000 Units (the "Over-Allotment Units"),
generating gross proceeds of $4,670,000, on June 21, 2021. Simultaneously with
the sale of Over-Allotment Units, the Company consummated a private sale of an
additional 11,675 Private Placement Units at a purchase price of $10.00 per
Private Placement Unit, generating gross proceeds of $116,750.
On June 28, 2021, the Company canceled an aggregate of 70,750 Ordinary Shares
issued to certain shareholders of the Company prior to the IPO and Private
Placement.
As of June 28, 2021, a total of $54,670,000 of the net proceeds from the IPO
(including the Over-Allotment Option Units) and the Private Placements on June
15, 2021 and June 28, 2021 was placed in a U.S.-based trust account maintained
by Continental Stock Transfer & Trust Company, acting as trustee.
An unaudited balance sheet as of June 28, 2021 reflecting receipt of the
proceeds from the sale of the Over-Allotment Units and the additional 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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