DGAP-News: Lakestar SPAC I SE
/ Key word(s): AGM/EGM/Mergers & Acquisitions
NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THE PRESS RELEASE.
Lakestar SPAC I obtains shareholder approval and successfully concludes redemption period, paving the way for its business combination with HomeToGo
Luxembourg, 13 September 2021 - Lakestar SPAC I SE (Frankfurt Stock Exchange: LRS1) ("Lakestar SPAC I"), a publicly listed special purpose acquisition company sponsored by Dr. Klaus Hommels, Founder and Chairman of Lakestar Advisors, last Thursday (9 September 2021) successfully concluded the redemption period required in the context of its proposed business combination with HomeToGo GmbH ("HomeToGo"), a marketplace with the world's largest selection of alternative accommodation. Moreover, the business combination received unanimous support at today's EGM, with 100% of attending votes in favour.
Lakestar SPAC I achieved a redemption rate of 36.6%, an unusually low figure in comparison to recent U.S. SPAC transactions, and testament to the Lakestar SPAC I team and its sponsor, as well as to the confidence investors have in its joint future with HomeToGo. This success provides a cash amount of approximately €250m in the SPAC vehicle and the PIPE, permitting a significant cash injection into HomeToGo to fund its expansion plans.
Today's EGM also approved the renaming of the company to HomeToGo SE and appointed the members of its new Supervisory Board, Christoph Schuh, Dr. Dirk Altenbeck, Philipp Kloeckner, Martin Reiter, Susanne (Greenfield) Sandler and Thilo Semmelbauer.
Stefan Winners, CEO of Lakestar SPAC I comments: "The resounding vote at today's EGM and the very low redemption rate highlight the attractiveness of the asset we are combining with. HomeToGo is led by an outstanding management team headed by Patrick Andrae, which has been able to grow the company even through the extremely challenging, pandemic-related global lockdowns of the last 18 months. I am confident that it will continue to generate impressive growth in the future."
Inga Schwarting, CIO of Lakestar SPAC I, says: "We have demonstrated conclusively that, with the right team and sponsor, Europe can do SPACs. I am delighted with the success of our campaign. SPACs are a viable alternative to straight IPOs and will add a new dimension to the way high-growth companies in Europe are able to fund their futures."
Dr. Patrick Andrae, Co-founder and CEO of HomeToGo, adds. "Today's outcome and the large cash injection that comes with the implementation of the business combination with Lakestar SPAC I is a game changer for HomeToGo. It will give us immediate financial flexibility to fuel the next level of growth, and the opportunity to support the rising trend towards alternative accommodation. I am proud of what we have achieved, and excited about the possibilities our collaboration with Lakestar SPAC I opens up for us."
The closing of the business combination is expected to occur by the end of September 2021.
Lakestar SPAC I is sponsored by Dr. Klaus Hommels, Founder and Chairman of Lakestar Advisors. The founders of Lakestar SPAC I are Dr. Klaus Hommels, together with the company's Chief Executive Officer, Stefan Winners, and the Chief Investment Officer, Inga Schwarting.
For more information visit: www.lakestar-spac1.com
HomeToGo operates a marketplace for alternative accommodations that connects millions of travellers searching for a perfect place to stay with thousands of inventory suppliers across the globe, resulting in the world's most comprehensive inventory coverage in the alternative accommodation space.
HomeToGo's marketplace is beneficial to both of its customer groups: Consumers who visit HomeToGo's websites gain access to the largest inventory in one place, and supply partners who use the platform's reach and technology solutions are better able to serve a wide range of customers and generate more high quality demand.
Headquartered in Berlin, Germany, HomeToGo operates localised websites and apps in 23 countries.
For more information visit: www.hometogo.de
For Lakestar SPAC I
This publication constitutes neither an offer to sell nor a solicitation to buy securities. These materials may not be published, distributed or transmitted in the United States, Canada, Australia or Japan. These materials do not constitute an offer of securities for sale or a solicitation of an offer to purchase securities (the "Securities") of Lakestar SPAC I SE (the "Company") in the United States, Australia, Canada, Japan or any other jurisdiction in which such offer or solicitation is unlawful. The Securities of the Company may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"). There will be no public offering of the securities in the United States. The Securities of the Company have not been, and will not be, registered under the Securities Act. The securities referred to herein may not be offered or sold in Australia, Canada or Japan or to, or for the account or benefit of, any national, resident or citizen of Australia, Canada or Japan subject to certain exceptions.
In the United Kingdom, this document is only being distributed to and is only directed at qualified investors who are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), or (ii) persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc.) (all such persons together being referred to as "Relevant Persons"). This document is directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.
The Securities are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any Retail Investor in the EEA. For these purposes, a "Retail Investor" means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments, as amended ("MiFID II"); (ii) a customer within the meaning of Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution, as amended, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently, no key information document required by Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (the "PRIIPs Regulation") for offering or selling the Units or otherwise making them available to Retail Investors in the EEA has been prepared and therefore offering or selling the Units or otherwise making them available to any Retail Investor in the EEA may be unlawful under the PRIIPs Regulation.
Solely for the purpose of the product governance requirements contained within MiFID II, (ii) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 of 7 April 2016 supplementing MiFID II and (iii) local implementing measures (together, the "MiFID II Requirements"), and disclaiming any and all liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Requirements) may otherwise have with respect thereto, the Public Shares and Public Warrants have been subject to a product approval process. As a result, it has been determined that (i) the Public Shares are (a) compatible with an end target market of Retail Investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II, and (b) eligible for distribution through all distribution channels permitted by MiFID II and (ii) the Public Warrants are (a) compatible with an end target market of investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II, and (b) eligible for distribution to professional clients and eligible counterparties through all distribution channels permitted by MiFID II.
This release may contain forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "plans", "targets", "aims", "believes", "expects", "anticipates", "intends", "estimates", "will", "may", "continues", "should" and similar expressions. These forward-looking statements reflect, at the time made, the Company's beliefs, intentions and current targets/aims concerning, among other things, the Company's or the Group's results of operations, financial condition, liquidity, prospects, growth and strategies. Forward-looking statements include statements regarding: objectives, goals, strategies, outlook and growth prospects; future plans, events or performance and potential for future growth; lease-up potentials; economic outlook and industry trends; developments of the Company's or the Group's markets; the impact of regulatory initiatives; and the strength of the Company's or any other member of the Group's competitors. Forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in the Company's records (and those of other members of the Group) and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond the Company's control.
Forward-looking statements are not guarantees of future performance and such risks, uncertainties, contingencies and other important factors could cause the actual outcomes and the results of operations, financial condition and liquidity of the Company and other members of the Group or the industry to differ materially from those results expressed or implied in the Information by such forward-looking statements. No assurances can be given that the forward-looking statements will be realized. The forward-looking statements speak only as of the date of this release. The Company expressly disclaims any obligation or undertaking to release any updates or revisions to any forward-looking statements to reflect any change in the Company's expectations with regard thereto or any changes in events, conditions or circumstances on which any forward-looking statements are based. No representation or warranty is made that any of these forward-looking statements or forecasts will come to pass or that any forecast result will be achieved. Undue influence should not be given to, and no reliance should be placed on, any forward-looking statement.
|Company:||Lakestar SPAC I SE|
|9 rue de Bitbourg|
|Listed:||Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange; Luxembourg Stock Exchange|
|EQS News ID:||1232983|
|End of News||DGAP News Service|
See all news