Blank-check company Blue Water Acquisition files for IPO to raise $50 million

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Blue Water Acquisition Corp. has filed to go public, as the special purpose acquisition company (SPAC), or blank check company, looks to raise $50 million. The Connecticut-based company is offering 5 million units at $10 each, with each unit consisting of one Class A share and one-half of one warrant, which entitles the holder to buy one Class A share for $11.50. The stock is expected to trade on the Nasdaq under the ticker symbol “BLUW.” The lead underwriter is Maxim Group. The company said that it might pursue an acquisition in any business, sector or location, but plan to focus on industries that “complement” its management team. The company’s founder, Joseph Hernandez, has 25 years of experience in the health care field, and all of its directors have experience in the health care and/or pharmaceutical fields. Blue Water is looking to go public at a time that the Renaissance IPO ETF has rallied 24.8% over the past three months while the S&P 500 has gained 10.8%.
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