Selina Hospitality completes SPAC merger, jumps 319%

Alexis Juanita

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Worldwide hospitality business Selina Hospitality plc (Nasdaq: SLNA), which was founded in 2015 by Israeli entrepreneurs Rafael Museri and Daniel Rudasevski, has seen its share price soar 319.5% on its initial working day of trading on Wall Street.

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Selina concluded its merger with special reason acquisition organization (SPAC) BOA Acquisition Corp. at a enterprise valuation of $1.2 billion and company price of $942 million, immediately after neutralizing hard cash. The share commenced trading at $9.75 and opened by losing 14% ahead of a extraordinary rally saw the share value close 319.5% up on the day at $40.90.

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Museri stated, “The completion of this transaction is even further validation of our very differentiated hospitality providing, we can scale the model and our unique locations to tourists and locals about the entire world like by no means right before. We glimpse ahead to leveraging this funds to travel extended-phrase financially rewarding advancement, introduce new offerings that facilitate meaningful connections, and enrich our technologies to guidance our speedy world expansion.”

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Headquartered in London, Selina is undergoing speedy expansion and currently has a diverse range of 163 hospitality attributes in in excess of 20 countries such as nine in Israel.

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Posted by Globes, Israel small business news – en.globes.co.il – on Oct 28, 2022.

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© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

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