The Final Chapter for BOA Acquisition: A SPAC's Cautionary Tale

The BOA Acquisition SPAC's merger with Selina Hospitality led to Nasdaq delisting and insolvency, highlighting severe risks for investors in blank-check companies.

Investors holding out for a revival of BOA Acquisition are confronting a sobering financial outcome. This special purpose acquisition company (SPAC) completed its mission, but the merger it facilitated with Selina Hospitality has left behind little more than financial wreckage. The story serves as a stark reminder of the risks inherent in blank-check company investments.

A Swift Descent Following the Merger

BOA Acquisition’s lifecycle as a SPAC concluded in October 2022 upon finalizing its business combination with Selina Hospitality. At that point, all BOA shareholders automatically became equity holders in the operational entity, Selina Hospitality PLC, which began trading on the Nasdaq under the new ticker symbol "SLNA." The focus shifted from seeking a target to running a hospitality business, but market optimism was short-lived.

The operational decline was rapid. By July 2024, Selina Hospitality faced delisting from the Nasdaq exchange. The company had previously acknowledged it could no longer avert an impending insolvency. The appointment of administrators in the same month marked the nadir of a process that severely damaged investor confidence. The initial vision of a successful public debut via a SPAC merger had unequivocally failed.

From Main Exchange to Market Obscurity

For those who originally invested in BOA Acquisition, the investment vehicle itself has ceased to exist. Current holdings represent stakes in Selina Hospitality, which now trades exclusively on over-the-counter (OTC) markets under the symbol "SLNAF." Trading activity in this venue is typically characterized by extremely low liquidity, making transactions difficult or impractical for shareholders.

This trajectory underscores the substantial hazards of SPAC transactions, particularly when the underlying business fails to meet projected performance. The future for former BOA stakeholders is now entirely tied to the ongoing resolution processes surrounding Selina Hospitality and its experiential hotel operations. The episode stands as a clear case study in how quickly market promise can unravel post-merger.