Blue Water Acquisition, a blank check company formed by an industry veteran targeting a healthcare business, filed on Thursday with the SEC to raise up to $50 million in an initial public offering.
The Greenwich, CT-based company plans to raise $50 million by offering 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 price, Blue Water Acquisition would command a market value of $63 million.
The company is led by CEO, CFO, 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 was founded in 2020 and plans to list on the Nasdaq under the symbol BLUWU. The company filed confidentially on July 22, 2020. Maxim Group LLC is the sole bookrunner on the deal.
