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Special Purpose Acquisition Company Orisun Announces Receiving $53M of Commitment to Purchase Stock at $10/Share at the Time of Acquisition Closing

Ucommune is the largest agile office space manager and co-working community operator in China. Its early investors include Sequoia Capital China, Matrix Partners China, Sinovation Ventures, and ZhenFund. Ucommune

Benzinga · 08/24/2020 10:11
  • Ucommune is the largest agile office space manager and co-working community operator in China. Its early investors include Sequoia Capital China, Matrix Partners China, Sinovation Ventures, and ZhenFund.
  • Ucommune and Orisun entered into a merger agreement in June 2020. The transaction is expected to close in Q4 2020.
  • On August 18, 2020, Ucommune and Orisun received $53 million of backstop investment commitments from 14 investors, including leading technology companies and prominent entrepreneurs in China.
  • Backstop investors have the option to either acquire Orisun's common stock in open market purchases prior to the closing of the business combination, or to purchase common shares in a private placement from the combined company at $10.10 per share at the time of the merger closing.