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Healthcare SPAC Blue Water Acquisition II files for a $75 million IPO

October 19, 2021

Blue Water Acquisition II, the second blank check company led by the founder of Blue Water Vaccines targeting healthcare, filed on Tuesday with the SEC to raise up to $75 million in an initial public offering.

The Greenwich, CT-based company plans to raise $75 million by offering 7.5 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Blue Water Acquisition II would command a market value of $95 million.

The company is led by CEO and Chairman Joseph Hernandez, the founder and CEO of early stage biotech Blue Water Vaccines (pending: BWV). Hernandez's previous SPAC, Blue Water Acquisition, completed is combination with pharmaceutical Clarus Therapeutics (CRXT; -48% from $10 offer price) this past September. 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 II was founded in 2021 and plans to list on the Nasdaq under the symbol BWTRU. The company filed confidentially on August 6, 2021. Maxim Group LLC is the sole bookrunner on the deal.