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DGAP-News: Lakestar SPAC I SE / Key word(s): AGM/EGM/Mergers & Acquisitions
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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
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13.09.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
Lakestar SPAC I SE
9 rue de Bitbourg
Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange; Luxembourg Stock Exchange
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