Seoul-based CPRO to go public via SPAC merger with Lakeshore

SEOUL—CPRO Electronics Holding Limited (CPRO), a provider of artificial intelligence (AI)-driven video and analytics technology, plans to go public on a U.S. exchange through a business combination with special purpose acquisition company (SPAC) Lakeshore Acquisition III Corp., the companies announced. 

The transaction values the combined company at an implied pro forma enterprise value of approximately $326 million, assuming no redemptions. The deal is expected to close in the fourth quarter of 2026, pending shareholder approvals and customary regulatory conditions.

CPRO develops edge-based artificial intelligence cameras and analytics software aimed at security, retail intelligence and industrial safety applications. The company said its technology analyzes customer movement and behavior patterns to help retailers optimize store performance, while also supporting safety use cases such as interactions between humans and robots in industrial environments.

Following the close, the combined entity is expected to operate as CPRO Holding Limited and list its ordinary shares on a U.S. national securities exchange.

“In the face of global AI competition, by combining with Lakeshore, CPRO will be able to tap into the public equity market to fund its aggressive growth plan,” said Young-Soo Lee, founder, chairman and CEO of CPRO.

Lakeshore Chairman and CEO Bill Chen said the SPAC identified growth potential in CPRO’s positioning within the AI camera segment. “We immediately realized the vast potential for the company’s growth in this market,” he said.

Under the terms of the agreement, Lakeshore will acquire 100% of CPRO’s equity through a merger with a wholly owned subsidiary. CPRO shareholders will receive consideration valued at $185 million, subject to adjustments for debt.

The companies said the transaction is intended to support CPRO’s expansion in the U.S. and Asia, as well as continued development of its AI-enabled security, safety and data analytics offerings.