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Ucommune Group Holdings withdraws $100 million US IPO in favor of SPAC merger

August 6, 2020

Ucommune Group Holdings, a leading provider of shared work space in China, officially withdrew its plans for an initial public offering on Thursday. It originally filed in December 2019 with a proposed deal size of $100 million.

Last month, the company announced that it had entered into a definitive merger agreement with blank check company Orisun Acquisition (ORSN).

The Beijing, China-based company was founded in 2015 and booked $150 million in revenue for the 12 months ended September 30, 2019. It had planned to list on the NYSE under the symbol UK. Haitong International and China Renaissance were set to be the joint bookrunners on the deal.