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Orisun Acquisition Corp. (NASDAQ: ORSN, ORSNU) has secured a $53 million backstop investment commitment from 14 investors, including tech leaders, as they prepare for a merger with Ucommune. This agreement allows investors to acquire Orisun's common stock or purchase shares in a private placement at $10.10 per share upon closing, expected in Q4 2020. Ucommune operates as China's largest agile office space manager, boasting 185 locations and 28,700 enterprise members as of June 2020, positioning them for significant growth post-merger.
Orisun Acquisition Corp. (NASDAQ: ORSN, ORSNU) has announced a definitive merger agreement with Ucommune Group Holdings Limited, China's largest agile office space manager. Founded in 2015, Ucommune serves over 700,000 members across 211 locations in Greater China and Singapore. The merger, expected to close with a pro forma value of approximately $769 million, allows Ucommune to enhance its asset-light operations and market presence. In 2019, Ucommune reported revenue of 1,179 million RMB, with an estimated growth to 2,100 million RMB by 2022.
