More than nine months after revealing its ambitions to list on the New York Stock Exchange, at a $1.2 billion valuation, self-styled lifestyle and experiential hotel company Selina has set a date to go public, by merging with BOA Acquisition Corp — a special purpose acquisition company (SPAC).
The pair announced Monday that the registration statement filed in December last year was declared effective by the Securities and Exchange Commission on Sept. 30. It originally planned to go public in the first half.
Now, if the merger partner’s shareholders approve the deal at a special meeting Oct. 21, and other conditions are satisfied, Selina’s common stock would start trading under the symbol “SLNA” following the closing.
Selina expects to raise $54 million in PIPE (private investment in public equity) proceeds, up to $231 million in cash from BOA’s trust account and $118 million from subscriptions to the $147.5 million principal amount of 6% senior unsecured convertible notes due 2026.
The money raised will be used to fund operations and continue its plans to achieve profitability.
Selina’s been fairly active in the past few months, with new partnerships including freelancer platform Fiverr and a party thrown for potential investors just weeks ago.
In the first half of the year it has opened 3,368 bed spaces within 13 properties in Greece, Australia, Portugal, Panama, the U.S, Israel and new location Morocco.
It also signed 7,374 bed spaces within 17 new properties and expansions across Australia, the U.S., Greece, Mexico, Portugal, Panama and Israel. This brings the total count at the end of the first half to 163 open and secured locations in 25 countries.
“We continue the positive momentum to a record year ahead; we keep being true to our mission by connecting our brand to local guests, remote workers, and digital nomads. In the first half of this year, we increased our total revenue by 142 percent and occupancy by 60 percent compared to the same period in 2021,” said Rafael Museri, co-founder and CEO of Selina, which mainly targets millennial and Gen Z travelers.
Selina was founded in 2014.