Coworking Giant Ucommune Receives $53M Backstop Investment Through Orisun Acquisition

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Nasdaq-listed Orisun Acquisition and Ucommune — China’s biggest shared workspace provider — have received $53 million in backstop investment commitments from 14 investors.

Orisun agreed to acquire Ucommune in June this year, and the merger is expected to complete in the fourth quarter.

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Orisun chairman, Wei Chen, said: “With the $53 million backstop investment commitment, we look forward to working with the Ucommune team towards a smooth closing [of the merger] in the fourth quarter of 2020.”

Ucommune, which has a network of 185 coworking locations across China and Singapore, officially withdrew its plans for a $100 million IPO in the US. Following the merger later this year, Ucommune will instead be listed on the Nasdaq through the M&A agreement with Orisun.

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