Orion Acquisition, a blank check company led by former WellCare execs targeting the healthcare industry, raised $360 million by offering 36 million units at $10. The company offered 6 million more units than anticipated. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50.
The company is led by CEO, CFO, and Director Beau Garverick, who has approximately 20 years of experience in healthcare finance, most recently serving as SVP of Corporate Development, Strategy, and IR at WellCare Health Plans, and Chairman Kenneth Burdick, who previously served as CEO of WellCare. The SPAC has partnered with Halle Capital Management for operational support, including due diligence and analytical resources.
Orion Acquisition plans to list on the Nasdaq under the symbol OHPAU. Credit Suisse acted as a lead manager on the deal.
