Edoc Acquisition Corp. Announces Pricing of $90,000,000 Initial Public Offering

Rhea-AI Summary

Edoc Acquisition Corp. (NASDAQ: ADOCU) has successfully priced its initial public offering, offering 9,000,000 units at $10.00 each. Trading for these units is set to begin on November 10, 2020, on the Nasdaq Capital Market. Each unit comprises one Class A ordinary share, one right, and one redeemable warrant. The offering's net proceeds will be placed into a trust account, amounting to $10.17 per unit. The offering is expected to close on November 13, 2020, pending customary conditions.

Edoc Acquisition Corp. plans to target mergers and acquisitions within the healthcare sector in North America and Asia-Pacific.

Positive

• Successful pricing of 9,000,000 units at $10.00 each.
• Initial trading expected to commence on November 10, 2020.
• Net proceeds of $10.17 per unit to be deposited into a trust account.

Negative

• None.

Victor, NY, Nov. 09, 2020 (GLOBE NEWSWIRE) -- Edoc Acquisition Corp. (NASDAQ: ADOCU) (the “Company”) announced today that it priced its initial public offering of 9,000,000 units at a price to the public of $10.00 per unit. The units are expected to commence trading on November 10, 2020 on the Nasdaq Capital Market under the symbol “ADOCU.”

Each unit consists of one Class A ordinary share, one right and one redeemable warrant to purchase one-half of one Class A ordinary share. Each right entitles the holder to receive one-tenth of one Class A ordinary share upon the consummation of an initial business combination, and each warrant entitles the holder to purchase one-half of one Class A ordinary share at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares, rights and warrants are expected to be traded on the Nasdaq Capital Market under the symbols “ADOC”, “ADOCR”, and “ADOCW”, respectively. Upon consummation of the offering, of the proceeds received from the offering and the concurrent sale of private placement units, $10.17 per unit sold to the public in the offering will be deposited into a trust account.

I-Bankers Securities, Inc. is acting as the sole book-running manager of the offering. The underwriters have been granted a 45-day option to purchase up to an additional 1,350,000 units offered by the Company to cover over-allotments, if any. The offering is expected to close on or about November 13, 2020, subject to customary closing conditions.

The offering is being made only by means of a prospectus. When available, copies of the prospectus related to this offering may be obtained from I-Bankers Securities, Inc. at 535 5th Ave., 4th Floor, New York, NY 10017.

A registration statement relating to the securities was declared effective by the Securities and Exchange Commission (“SEC”) on November 9, 2020. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these 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 any such state or jurisdiction.

About Edoc Acquisition Corp.

Edoc Acquisition Corp. is a blank check company organized for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities. It intends to focus on businesses primarily operating in the healthcare sector in North America and Asia-Pacific.

Forward-Looking Statements 

This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, including with respect to the initial public offering and the anticipated use of the proceeds thereof, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements, including those set forth in the risk factors section of the prospectus used in connection with the Company’s initial public offering. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based, except as required by law.

Contact:
Edoc Acquisition Corp.
7612 Main Street Fishers
Suite 200
Victor, NY 14564
Attention: Kevin Chen

FAQ

What is the IPO date for Edoc Acquisition Corp (ADOCU)?

Edoc Acquisition Corp's initial public offering is set to begin trading on November 10, 2020.

What is included in each unit of Edoc Acquisition Corp (ADOCU)?

Each unit consists of one Class A ordinary share, one right, and one redeemable warrant.

When is the expected closing date for Edoc Acquisition Corp's IPO?

The offering is expected to close on or about November 13, 2020.

How much is Edoc Acquisition Corp planning to raise in its IPO?

The company is offering 9,000,000 units at a price of $10.00 each.

What sectors does Edoc Acquisition Corp intend to focus on for acquisitions?

Edoc Acquisition Corp will focus on businesses primarily in the healthcare sector in North America and Asia-Pacific.