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.
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.