Selina Hospitality PLC ("Selina" or the “Company”; NASDAQ: SLNA), a global lifestyle and hospitality company catering to millennial and Gen Z travelers, is pleased to provide updates regarding recent fundraising and liability restructuring transactions.

Amendment to subscription agreement

  • On April 23, the Company and Osprey International Limited (“Osprey”) amended the $12 million Subscription Agreement, which was entered into on January 25, 2024.
  • Osprey has agreed to expedite the funding of its remaining $6 million investment under that Subscription Agreement via four monthly installments of $1.5 million each through August 2024. Originally, the investment was to be paid in nine installments through December 2024.
  • This decision reflects Osprey's strong commitment to Selina and their confidence in the Company’s progress. The funds are designated to be used primarily for marketing/commercial efforts and property maintenance capital expenditures, aligning with Selina’s vision for success.

Private warrant exchange

  • On April 24, Selina and Bet on America LLC (the former sponsor of BOA Acquisition Corp., the entity involved in the business combination with Selina) entered into a Warrant Exchange Agreement.
  • This agreement involves Bet on America LLC returning 6,575,000 private placement warrants for cancellation in exchange for 1,643,750 ordinary shares of Selina.
  • The Company’s Board of Directors previously approved the exchange of the 7,666,511 outstanding public warrants for ordinary shares of the Company at the same four-to-one warrant-to-share exchange ratio.

Share capital update

  • As of April 26, 2024, Selina had a total of 543,668,969 ordinary shares issued and outstanding.
  • This number includes 431,039,028 shares issued in connection with investments from Osprey and other investors, the conversion of a portion of Osprey's debt, and the exercise of warrants by Osprey, other investors, and certain holders of the 6.0% Senior Secured Notes due 2029 since the initial closing of the fundraising and liability restructuring transactions announced on January 26, 2024.