UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
December 11, 2023
Date of Report (Date of earliest event reported)
Lakeshore Acquisition II Corp.
(Exact Name of Registrant as Specified in its Charter)
| Cayman Islands |
|
001-41317 |
|
N/A |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(I.R.S. Employer
Identification No.) |
|
667 Madison Avenue,
New York, NY |
|
10065 |
| (Address of Principal Executive Offices) |
|
(Zip Code) |
Registrant’s telephone number, including
area code: (917) 327-9933
N/A
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☒ |
Written communications pursuant to Rule 425 under the Securities Act |
| ☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act |
| ☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act |
| ☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
| Ordinary Shares |
|
LBBB |
|
The Nasdaq Stock Market LLC |
| Warrants |
|
LBBBW |
|
The Nasdaq Stock Market LLC |
| Rights |
|
LBBBR |
|
The Nasdaq Stock Market LLC |
| Units |
|
LBBBU |
|
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities
Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☒
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
IMPORTANT NOTICES
Important Notice Regarding Forward-Looking
Statements
This Current Report on Form 8-K contains
certain “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934,
both as amended. Statements that are not historical facts, including statements about the pending transactions among Lakeshore Acquisition
II Corp. (together with its successors, the “Purchaser”), LBBB Merger Sub Inc., a Delaware corporation and wholly-owned
subsidiary of Purchaser (the “Merger Sub”), Nature’s Miracle Inc., a Delaware corporation (“Nature’s
Miracle”), Tie (James) Li, as the representative of the stockholders of Nature’s Miracle, and RedOne Investment Limited,
a British Virgin Islands company, as the representative of the shareholders of Purchaser, and the transactions contemplated thereby, and
the parties’ perspectives and expectations, are forward-looking statements. Such statements include, but are not limited to, statements
regarding the proposed transaction, including the anticipated initial enterprise value and post-closing equity value, the benefits of
the proposed transaction, integration plans, expected synergies and revenue opportunities, anticipated future financial and operating
performance and results, including estimates for growth, the expected management and governance of the combined company, and the expected
timing of the transactions. The words “expect,” “believe,” “estimate,” “intend,” “plan”
and similar expressions indicate forward-looking statements. These forward-looking statements are not guarantees of future performance
and are subject to various risks and uncertainties, assumptions (including assumptions about general economic, market, industry and operational
factors), known or unknown, which could cause the actual results to vary materially from those indicated or anticipated.
Such risks and uncertainties include, but are
not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the
price of Purchaser’s securities; (ii) the risk that the transaction may not be completed by Purchaser’s business combination
deadline and the potential failure to obtain an extension of the business combination deadline if sought by Purchaser; (iii) the
failure to satisfy the conditions to the consummation of the transaction, including the approval of the business combination agreement
by the stockholders of Purchaser, the satisfaction of the minimum cash amount following any redemptions by Purchaser’s public stockholders
and the receipt of certain governmental and regulatory approvals; (iv) the lack of a third-party valuation in determining whether
or not to pursue the proposed transaction; (v) the occurrence of any event, change or other circumstance that could give rise to
the termination of the business combination agreement; (vi) the effect of the announcement or pendency of the transaction on Nature’s
Miracle’s business relationships, operating results and business generally; (vii) risks that the proposed transaction disrupts
current plans and operations of Nature’s Miracle; (viii) the outcome of any legal proceedings that may be instituted against
Nature’s Miracle or Purchaser related to the business combination agreement or the proposed transaction; (ix) the ability to
maintain the listing of Purchaser’s securities on a national securities exchange; (x) changes in the competitive industry in
which Nature’s Miracle operates, variations in operating performance across competitors, changes in laws and regulations affecting
Nature’s Miracle’s business and changes in the combined capital structure; (xi) the ability to implement business plans,
forecasts and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities;
(xii) the risk of downturns in the market and Nature’s Miracle’s industry including, but not limited to, as a result
of the COVID-19 pandemic; (xiii) costs related to the transaction and the failure to realize anticipated benefits of the transaction
or to realize estimated pro forma results and underlying assumptions, including with respect to estimated stockholder redemptions; (xiv) the
inability to complete its convertible debt financing; (xv) the risk of potential future significant dilution to stockholders resulting
from lender conversions under the convertible debt financing; and (xvi) risks and uncertainties related to Nature’s Miracle’s
business, including, but not limited to, risks relating to the uncertainty of the projected financial information with respect to Nature’s
Miracle; risks related to Nature’s Miracle’s limited operating history, the roll-out of Nature’s Miracle’s business
and the timing of expected business milestones; Nature’s Miracle’s ability to implement its business plan and scale its business;
Nature’s Miracle’s ability to develop products and technologies that are more effective or commercially attractive than competitors’
products; Nature’s Miracle’s ability to maintain accelerate rate of growth recently due to lifestyle changes in the wake of
COVID-19 pandemic; risks of increased costs as a result of being a public company; risks relating to Nature’s Miracle’s being
unable to renew the leases of their facilities and warehouses; Nature’s Miracle’s ability to grow the size of its organization
and management in response of the increase of sales and marketing infrastructure; risks relating to potential tariffs or a global trade
war that could increase the cost of Nature’s Miracle’s products; risks relating to product liability lawsuits that could be
brought against Nature’s Miracle;; Nature’s Miracle’s ability to formulate, implement and modify as necessary effective
sales, marketing, and strategic initiatives to drive revenue growth; Nature’s Miracle’s ability to expand internationally;
acceptance by the marketplace of the products and services that Nature’s Miracle markets; and government regulations and Nature’s
Miracle’s ability to obtain applicable regulatory approvals and comply with government regulations. A further list and description
of risks and uncertainties can be found in Purchaser’s initial public offering prospectus dated March 8, 2022 and in the Registration
Statement on Form S-4 and proxy statement initially filed with the Securities and Exchange Commission (“SEC”) on November
14, 2022 (as amended and as may be further amended) by the Purchaser in connection with the proposed transactions, and other documents
that the parties may file or furnish with the SEC, which you are encouraged to read. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated
by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Forward-looking
statements relate only to the date they were made, and Purchaser, Merger Sub, Nature’s Miracle, and their subsidiaries undertake
no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required
by law or applicable regulation.
Additional Information and Where to Find It
In connection with the proposed business combination,
Purchaser has filed relevant materials with the SEC, including the Registration Statement on Form S-4 and a proxy statement. The
proxy statement and a proxy card will be mailed to shareholders as of a record date to be established for voting at the shareholders’
meeting relating to the proposed transactions. Shareholders will also be able to obtain a copy of the Registration Statement on Form S-4
and proxy statement without charge from Purchaser. The Registration Statement on Form S-4 and proxy statement, as available, may
also be obtained without charge at the SEC’s website at www.sec.gov or by writing to Purchaser at 667 Madison Avenue, New York,
NY 10065.
INVESTORS AND SECURITY HOLDERS OF PURCHASER
ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH
THE TRANSACTIONS THAT PURCHASER WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT
PURCHASER, NATURE’S MIRACLE AND THE TRANSACTIONS.
Participants in Solicitation
Purchaser, Merger Sub, Nature’s Miracle,
certain stockholders of Nature’s Miracle, and their respective directors, executive officers and employees and other persons may
be deemed to be participants in the solicitation of proxies from the holders of Purchaser ordinary shares in respect of the proposed transaction.
Information about Purchaser’s directors and executive officers and their ownership of Purchaser’s ordinary shares is set forth
in Purchaser’s initial public offering prospectus dated March 8, 2022 and other filings by the Purchaser filed with the SEC.
Other information regarding the interests of the participants in the proxy solicitation will be included in the proxy statement pertaining
to the proposed transaction when it becomes available. These documents can be obtained free of charge from the sources indicated above.
No Offer or Solicitation
This Current Report on Form 8-K is not
a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential business
combination or any other matter and will not constitute an offer to sell or a solicitation of an offer to buy the securities of Purchaser,
Nature’s Miracle or the combined company, nor will there be any sale of any such securities in any state or jurisdiction in which
such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or
jurisdiction. No offer of securities will be made except by means of a prospectus meeting the requirements of the Securities Act of 1933,
as amended.
Item 1.01 Entry into a Material definitive Agreement.
As previously disclosed, on April 10, 2023, Lakeshore
Acquisition II Corp. (the “Company”) entered into a Standby Equity Purchase Agreement (as amended by Amendment Number 1, dated
as of June 12, 2023, the “SEPA”) with YA II PN, Ltd. (“Yorkville”). The SEPA was entered into in connection with
the previously announced proposed Business Combination (the “Business Combination”) between the Company, Nature’s Miracle,
Inc. (“Nature’s Miracle”), and certain other parties thereto. Pursuant to the related merger agreement and plan of merger,
dated as of September 9, 2022 (as may be amended from time to time, the “Merger Agreement”), the Company’s ordinary
shares, par value of US$0.0001 per share will be exchanged for shares of common stock, par value $0.0001 per share, of the post-Business
Combination Company (the “Common Shares”). Pursuant to the SEPA, the Company shall have the right, but not the obligation,
to sell to Yorkville up to $60,000,000 of the Common Shares, at the Company’s request any time during the commitment period commencing
on the sixth (6th) trading day following the date (the “Effective Date”) of closing of the Business Combination and terminating
on the earliest of (i) the first day of the month following the 36-month anniversary of the Effective Date and (ii) the date on which
Yorkville will have made payment of any Advances (as defined in the SEPA) requested pursuant to the SEPA for the Common Shares equal to
the commitment amount of $60,000,000.
On December 11, 2023, the parties entered into
Amendment Number 2 to the SEPA (the “Amendment”). Prior to the Amendment, the SEPA would terminate if the Business Combination
did not close by December 11, 2023. The Amendment extended such date by which the Business Combination must close to March 11, 2024.
The foregoing is a summary description of the
Amendment. For a full description of all terms, please refer to the copy of the Amendment, which is filed herewith as Exhibit 10.1 to
this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits:
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: December 22, 2023
LAKESHORE ACQUISITION II CORP.
| By: |
/s/ Deyin (Bill) Chen |
|
| Name: |
Deyin (Bill) Chen |
|
| Title: |
Chief Executive Officer |
|
4
Exhibit 10.1
AMENDMENT NUMBER 2
TO
STANDBY EQUITY PURCHASE AGREEMENT
THIS AMENDMENT AGREEMENT
(the “Amendment”) is entered into as of December 11, 2023, between YA II PN, LTD., a Cayman Islands exempt
limited partnership (the “Investor”), and LAKESHORE ACQUISITION II CORP., a Cayman Islands exempted company
(the “Company”). For purposes of this Agreement, references to the “Company” shall also include, after
the closing of the Business Combination (as defined below), the resulting publicly listed company pursuant to the transactions contemplated
by the Agreement and Plan of Merger entered into on September 9, 2022 (as it may be amended or supplemented from time to time, the “Merger
Agreement”), by and among the Company, LBBB Merger Sub Inc., a Delaware corporation and wholly owned subsidiary of the Company
(the “Merger Sub”), Nature’s Miracle, Inc., a Delaware corporation (“Nature’s Miracle”),
Tie (James) Li, and RedOne Investment Limited, a British Virgin Islands company, pursuant to which, upon the terms and subject to the
conditions contained therein, Nature’s Miracle will merge with Merger Sub (the “Merger”), with Nature’s
Miracle surviving and the Company acquiring 100% of the equity securities of the Nature’s Miracle. In connection with the Merger,
the Company will reincorporate into the State of Delaware and change its corporate name to “Nature’s Miracle Holding Inc.”
The Merger and the other transactions described in the Merger Agreement are collectively referred to herein as the “Business
Combination.” The Investor and the Company may be referred to herein individually as a “Party” and collectively
as the “Parties.
WHEREAS, the Company
and the Investor are parties to a certain Standby Equity Purchase Agreement dated as of April 10, 2023 (the “Agreement”);
WHEREAS, the Company
and the Investor are parties to a certain Amendment No 1 to the Agreement dated June 12, 2023 (the “Amendment No 1 Agreement”);
WHEREAS, the parties
wish to enter into this amendment No 2 to amend the Agreement as set forth below.
NOW, THEREFORE, in
consideration of the agreements hereafter set forth, and for other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, it is agreed:
I. Amendments.
A. Section
10.01(c). Section 10.01(c) of the Agreement is deleted in its entirety and the following language shall replace Section 10.01(c) of
the Agreement:
(c) This
Agreement shall terminate if the Business Combination does not close by March 11, 2024.
II. Miscellaneous.
| A. | Except as provided hereinabove, all of the terms and conditions contained in the Agreement shall remain
unchanged and in full force and effect. |
| B. | This Amendment is made pursuant to and in accordance with the terms and conditions of the Agreement. |
| C. | All capitalized but not defined terms used herein shall have those meanings ascribed to them in the Agreement. |
| D. | All provisions in the Agreement and any amendments, schedules or exhibits thereto in conflict with this
Amendment shall be and hereby are changed to conform to this Amendment. |
[REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANK]
IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be executed by the undersigned, thereunto duly authorized, as of the date first set forth
above.
| |
COMPANY: |
| |
LAKESHORE ACQUISITION II CORP. |
| |
|
|
|
| |
By: |
/s/ Bill Chen |
| |
Name |
Bill Chen |
| |
Title: |
CEO |
| |
|
|
|
| |
INVESTOR: |
| |
YA II PN, Ltd. |
| |
|
|
|
| |
By: |
Yorkville Advisors Global, LP |
| |
Its: |
Investment Manager |
| |
|
|
|
| |
|
By: |
Yorkville Advisors Global II, LLC |
| |
|
Its: |
General Partner |
| |
|
|
|
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|
By: |
/s/ David Gonzalez |
| |
|
Name: |
David Gonzalez |
| |
|
Title: |
General Counsel |
Acknowledged and Agreed:
| NATURE’S MIRACLE, INC. |
|
| |
|
|
| By: |
/s/ Tie “James” Li |
|
| Name: |
Tie “James” Li |
|
| Title: |
CEO |
|
3
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