Selina Hospitality PLC shares surged 279% to $36.99 in their Nasdaq debut after a blank-check company merger.
Selina focuses on Millennial and Gen Z travelers, providing “luxury suites to hammocks under the stars and everything in between.” Last December, Selina said it would merge with BOA Acquisition Corp. and said the combined company would have an equity value of about $1.2 billion.
BOA stockholders approved the deal last Friday.
At the time of its February 2021 IPO filing, BOA’s chairman was real estate investor and San Francisco Giants minority owner Scott Seligman. In April 2021, he retired and Chief Executive Brian D. Friedman became chairman. Mr. Friedman co-founded commercial real estate firm Foxhall Partners.
For the first half of 2022, Selina’s revenue increased 142% to $86 million.
The completed merger took place at a time when many blank-check companies have struggled to sign deals, instead choosing to shut down and return cash to stockholders. This week, one vehicle backed by Moelis & Co. withdrew an IPO filing and another Moelis-backed blank-check company said it plans to shut down.