Blue Water Acquisition, a blank check company formed by an industry veteran targeting a healthcare business, raised $50 million by offering 5 million units at $10. Each unit consists of one share of common stock and one warrant, exercisable at $11.50.
The company is led by CEO and Chairman Joseph Hernandez, founder and Chairman of early stage biotech Blue Water Vaccines. Hernandez's previous experience includes serving as founding Chairman of Microlin Bio and founding CEO of Innovative Biosensors. The company plans to target the healthcare and related industries in the US and Europe, specifically companies in the life sciences and pharmaceutical services sectors.
Blue Water Acquisition plans to list on the Nasdaq under the symbol BLUWU. Maxim Group LLC acted as a lead manager on the deal.
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