Edoc Acquisition Corp. Announces Upcoming Automatic Unit Separation

Rhea-AI Summary

Edoc Acquisition Corp. (NASDAQ: ADOCU) announced that starting December 10, 2020, its units will no longer trade as a single entity. Instead, the Class A ordinary shares, rights, and redeemable warrants will be listed separately under the tickers ADOC, ADOCR, and ADOCW on the Nasdaq Capital Market. Each unit consists of a Class A ordinary share, one right, and one redeemable warrant, allowing for special purchase rights. This mandatory separation does not require action from unit holders, but it may lead to the loss of fractional warrants for some shareholders.

Positive

• The separation allows for clearer trading of individual components: shares, rights, and warrants.
• Increased transparency for investors regarding holdings.
• Focus on healthcare sector may attract strategic investors.

Negative

• Fractional warrants will be lost by unit owners not holding multiples of two units.
• Potential confusion for investors regarding new trading symbols.

Victor, NY, Dec. 09, 2020 (GLOBE NEWSWIRE) -- Edoc Acquisition Corp. (NASDAQ: ADOCU) (the “Company”) announced today that, on December 10, 2020, the Company’s units will no longer trade, and that the Company’s Class A ordinary share, rights and redeemable warrants, which together comprise the units will commence trading separately. The Class A ordinary shares, rights and warrants will be listed on the Nasdaq Capital Market and trade with the ticker symbols “ADOC”, “ADOCR” and “ADOCW”, respectively. This is a mandatory and automatic separation, and no action is required by the holders of units.

Each unit consists of 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. In the separation, unit owners will receive the number of Class A ordinary shares underlying their units and the number of rights and redeemable warrants underlying such units; however, no fractional warrants will be issued. Any holder of units whose ownership includes a fractional number of underlying warrants, will be issued a number of warrants that is rounded down to the nearest whole number. Accordingly, any owner of units that does not own a multiple of two units will lose one-half of a warrant upon separation.

Purchases of units that are made after market close on December 9, 2020, may not settle prior to the unit separation date and, accordingly, the number of warrants and rights issued to such purchasers may not reflect the warrants and rights underlying such recently purchased units.

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.

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

FAQ

What changes will occur for Edoc Acquisition Corp. on December 10, 2020?

The company's units will no longer trade together; instead, Class A ordinary shares, rights, and redeemable warrants will begin trading separately.

What are the new ticker symbols for Edoc Acquisition Corp. shares and warrants?

The new ticker symbols are ADOC for Class A ordinary shares, ADOCR for rights, and ADOCW for redeemable warrants.

What does the unit separation mean for investors holding units of ADOCU?

Investors will receive separate shares, rights, and warrants, but some may lose fractional warrants if they do not hold multiples of two units.

What is Edoc Acquisition Corp.'s business focus?

Edoc Acquisition Corp. is focused on healthcare sector businesses primarily in North America and Asia-Pacific.