Lakeshore Acquisition II announced that its registration statement outlining a proposed business combination with Natures Miracle has been declared effective by the sec. Accordingly, the SPAC called a Feb. 15 meeting for shareholders to vote on the deal.
The deal was announced in September 2022 at an implied pro-forma enterprise value of approximately $265 million for the combined company. Terms call for the target's shareholders to receive $230 million in stock, less closing net indebtedness, which was just under $7.3 million as of Dec. 31, according to the proxy.
Nature's Miracle provides hardware as well as software to design, build and operate various indoor growing settings including greenhouse, vertical farming and indoor-growing spaces. The company operates two wholly-owned subsidiaries, Visiontech Group and Hydroman, which provides grow lights as well as other hydroponic products. Nature's Miracle has also developed a pipline of projects for the construction of commercial-scale greenhouse in the U.S. and Canada. Read more.