NEW YORK, Nov. 18, 2020 /PRNewswire/ -- Orisun Acquisition
Corp. (NASDAQ: ORSN), a special purpose acquisition company
("Orisun"), and Ucommune Group Holdings Limited ("Ucommune" or the
"Company"), a leading agile office space manager and provider in
China, today announced the
completion of their previously announced business combination (the
"Business Combination"). The Business Combination was approved by
Orisun's shareholders on November 16.
Upon completion of the Business Combination, the combined company,
or Ucommune International Ltd remains as the surviving publicly
traded entity. Its Class A Ordinary Shares and Warrants are
expected to be traded on the Nasdaq Capital Market under the
symbols "UK" and "UKOMW," respectively, commencing November 18, 2020.
As previously announced and in connection with the consummation
of the Business Combination, Ucommune is expected to close
on no less than $66.5
million in backstop investments from 19 investors, including Green
Better Limited, a subsidiary of Xiaomi (HKEX: 1810), and Sunshine
100 China (HKEX: 2608), this week.
Ucommune has assembled a strong management team to manage its
daily operations and spearhead its future development efforts.
Following the closing of the Business Combination, Ucommune
will be led by Zhuangkun He as Chief Executive Officer,
Cheong Kwok Mun as Chief Financial
Officer, Xin Guan as Chief Operating
Officer, Binchao Xu as Chief Technology Officer, Zhenfei Wu as
Chief Marketing Officer, Guohang Wang as Chief Strategy Officer,
and Jianghai Shen as Chief Product
Designer. Credentials of the aforementioned officers were disclosed
in the Company's prospectus filed with the Securities Exchange
Commission on November 5, 2020.
Wei Chen, Chairwoman of Orisun
commented, "We are excited to complete the Business Combination
between Orisun and Ucommune. We are confident that post Business
Combination, Ucommune is well positioned to bring new growth
opportunities to the industry and generate more value to
shareholders."
Daqing Mao, Founder of Ucommune
commented, "The successful closing of our Business Combination with
Orisun not only validates Ucommune's strong value proposition to
our customers and shareholders, but also marks an important
milestone in our corporate development. In addition, it should
serve as a springboard to accelerate the growths of our company and
our industry for global agile office space management. Being a
publicly-traded company, we plan to leverage our expanded
resources, technology advancement, brand equity, operations
know-how, and domain expertise to capitalize on new growth
opportunities and deliver lasting shareholder value."
Davis Polk & Wardwell LLP and
Maples and Calder (Hong Kong) LLP
served as legal advisors to Ucommune. Chardan served as an M&A
and financial advisor to Orisun. Loeb and Loeb LLP served as a
legal advisor to Orisun.
About Ucommune
Ucommune Group Holdings Limited is China's leading agile office space manager and
provider. Founded in 2015, Ucommune has created a large-scale
intelligent agile office ecosystem covering economically vibrant
regions throughout China to
empower its members with flexible and cost-efficient office space
solutions. Ucommune's various offline agile office space services
include self-operated models, such as U Space, U Studio, and U
Design, as well as asset-light models, such as U Brand and U
Partner. By leveraging its expertise in the industries of real
estate and retail, Ucommune operates its agile office spaces with
high efficiency and engages in the urban transformation of older
and under-utilized buildings to redefine commercial real estate in
China.
About Orisun Acquisition Corp.
Orisun Acquisition Corp. was incorporated in the State of Delaware as a blank check company for
the purpose of entering into a merger, share exchange, asset
acquisition, share purchase, recapitalization, reorganization or
similar Business Combination with one or more businesses or
entities.
Forward-Looking Statements
This press release contains, and certain oral statements made by
representatives of Orisun, Ucommune, and their respective
affiliates, from time to time may contain, "forward-looking
statements" within the meaning of the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995. Orisun's and
Ucommune's actual results may differ from their expectations,
estimates and projections and consequently, you should not rely on
these forward-looking statements as predictions of future events.
Words such as "expect," "estimate," "project," "budget,"
"forecast," "anticipate," "intend," "plan," "may," "will," "could,"
"should," "believes," "predicts," "potential," "might" and
"continues," and similar expressions are intended to identify such
forward-looking statements. These forward-looking statements
include, without limitation, Orisun's and Ucommune's expectations
with respect to future performance and anticipated financial
impacts of the Business Combination, anticipated initial enterprise
value and post-closing equity value, the benefits of the proposed
transaction, integration plans, expected synergies and revenue
opportunities, anticipated future financial and operating
performance and results, including estimates for growth, the
expected management and governance of the combined company, and the
expected timing of the transactions. Forward-looking statements are
subject to a number of risks and uncertainties that could cause
actual results to differ materially from the forward-looking
statements, including but not limited to general economic,
financial, legal, political and business conditions and changes in
domestic and foreign markets; the potential effects of COVID-19;
the outcome of judicial proceedings to which Ucommune is, or may
become a party; failure to realize the anticipated benefits of the
Business Combination; risks related to Ucommune's business and the
timing of expected business milestones; the effects of competition
on Ucommune's future business; the availability of capital; and the
other risks discussed under the heading "Risk Factors" in the
definitive proxy statement/prospectus/information statement filed
on November 5, 2020 and other
documents the combined company files with the SEC in the future. If
any of these risks materialize or our assumptions prove incorrect,
actual results could differ materially from the results implied by
these forward-looking statements. These forward-looking statements
speak only as of the date hereof and both Orisun and Ucommune
specifically disclaim any obligation to update these
forward-looking statements.
For investor and media inquiries, please contact:
Ucommune International Ltd
Cheong Kwok Mun
Zhimo Zhao
ir@ucommune.com
ICR, LLC.
Xinran Rao
ucommune@icrinc.com
+1 (212) 537-3847
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SOURCE Orisun Acquisition Corp.; Ucommune Group Holdings
Limited