Selina Pushes Back Its SPAC Deal

Hospitality brand Selina has said it now aims to go public in the third quarter of 2022. Originally its merger with BOA Acquisition Corp — a special purpose acquisition company (SPAC) — was due to close in the first half of the year.

The listing update comes as the brand, which targets millennial and Gen Z travelers, posted revenue of $39.9 million for the first quarter of this year, which was up 150.8 percent increase on last year’s quarter.

It also signed or opened 11 properties in the first quarter: five new locations in Israel, Australia and Brazil and six in Morocco, Portugal, the UK and Israel. Currently it has 155 open and secured properties.

Selina wants to grab the attention of investors who want to tap into the growing number of upwardly mobile millennial workers. After its SPAC, which could value the firm at $1.2 billion, the combined company will operate as Selina Hospitality Plc and trade on the New York Stock Exchange under the symbol "SLNA."