Edoc Acquisition Corp., a blank check company targeting the healthcare industries in North America and Asia-Pacific, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering.
The Victor, NY-based company plans to raise $100 million by offering 10 million units at $10. Each unit consists of one share of common stock, one right, and one warrant, exercisable at $11.50. The right entitles the holder to receive one-tenth of one common share upon the consummation of an initial business combination. Each warrant entitles the holder to purchase one-half of a common share. At the proposed deal size, Edoc Acquisition would command a market value of $130 million.
The company is led by Chairman and CEO Kevin Chen, who currently serves as CIO and Chief Economist at Horizon Financial, and CFO Christine Zhao, a venture partner at healthcare venture and private equity fund YuanMing Capital. The company seeks to employ a pro-active acquisition strategy focused on identifying potential business combination targets in the healthcare sector. Possible targets may include hospitals or hospital networks, specialty clinics chain, chronic disease health care service providers, telemedicine/digital health providers and/or associated technology/platform enablers, or artificial intelligence/big data enabled diagnostic providers.
Edoc Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol ADOCU. I-Bankers Securities is the sole bookrunner on the deal.
