Blue Water Acquisition II, the second blank check company led by the founder of Blue Water Vaccines targeting healthcare, withdrew its plans for an initial public offering on Thursday. It had filed in October 2021 to raise $75 million by offering 7.5 million units at $10, with each unit containing one share of common stock and one-half of a warrant.
The company was set to be led by CEO and Chairman Joseph Hernandez, the founder and CEO of early stage biotech Blue Water Vaccines (BWV), and CFO and Director Jon Garfield, the CFO of Blue Water Vaccines. Blue Water Vaccines went public in February 2021, offering 2.2 million shares at a $105 million market cap; the stock has since traded down 71%.
Hernandez and Garfield led a previous SPAC, Blue Water Acquisition, which completed its combination with pharmaceutical company Clarus Therapeutics (CRXT; -97% from $10 offer price) this past September.
Blue Water Acquisition II planned to target healthcare and related industries in the US and Europe, specifically companies in the life sciences and pharmaceutical services sectors.
The Greenwich, CT-based company was founded in 2021 and had planned to list on the Nasdaq under the symbol BWTRU. Maxim Group LLC was set to be the sole bookrunner on the deal.
