Selina, an Israeli-founded lifestyle and experiential hospitality company, went public last Thursday after completing its merger with Special Purpose Acquisition Company BOA Acquisition Corp.
At one stage, the company’s shares surged by over 300%, taking the company’s valuation over $4 billion and presenting an optimistic picture for the future of flexible workspace solutions.
“Today marks a major milestone for Selina, as we complete our goal of becoming a publicly traded company and embark on our next chapter of growth,” said Rafael Museri, Co-Founder and CEO of Selina.
“The completion of this transaction is further validation of our highly differentiated hospitality offering, we can scale the brand and our unique destinations to travelers and locals around the world like never before,” added Museri. “We look forward to leveraging this capital to drive long-term profitable growth, introduce new offerings that facilitate meaningful connections, and enhance our technology to support our rapid global expansion.”
Since the company’s founding in 2014, Selina has made it their mission to address the needs and desires of millennial and Gen Z travelers through designed accommodation with coworking, recreation, wellness, and local experiences.
Each Selina property is designed in partnership with local artists, creators, and tastemakers, and the brand’s portfolio currently includes over 163 open or secured properties across 25 countries and six continents.
Ben Friedman, President and CFO of BOA Acquisition Corp., commented, “Selina is one of the few hospitality companies that is truly revolutionizing travel and is addressing a meaningful market need. We are proud to have played a role in helping this dynamic lifestyle brand go public, and look forward to continuing our collaboration with Rafi and the rest of Selina’s talented team as they grow the Selina platform and execute their strategy to achieve profitability.”
In addition to potential cash proceeds from BOA’s cash in trust, the business combination is expected to provide Selina with $54 million of capital via its private placement financing, and $118 million from subscriptions to the $147.5 million principal amount of six percent senior unsecured convertible notes due 2026.