Aesther Healthcare (NASDAQ:AEHA) announced this morning that it has closed its combination with Ocean Biomedical after its shareholders approved the transaction at a special meeting on February 3.
The combined company’s shares and warrants are expected to begin trading today under the symbols “OCEA” and “OCEAW”, respectively.
Last week, Aesther announced it had secured a $60 million backstop agreement with Vellar Opportunity fund, adding to a common stock purchase agreement from White Lion Capital worth up to $75 million. Ocean Biomedical has also received $123.9 million in past and ongoing grants.
In the end, Aesther Healthcare shareholders tendered 98.9%, or 10,389,093, of its 10,500,000 public shares for redemption through votes, but the SPAC noted in an 8-K today that 3,365,515 public shares will remain as a 9.5% stake in the combined company likely thanks to the backstops.
Aesther Healthcare announced its $345 million combination with Ocean Biomedical on August 31, 2022. Providence, Rhode Island-based Ocean Biomedical is developing treatments for malaria and different cancer types.
It is the the second biotech combination to complete in 2023, following Orchestra Biomed’s (NASDAQ:OBIO) tie-up with Health Sciences 2 on January 27.
ADVISORS
- EF Hutton, division of Benchmark Investments, LLC, serves as capital markets advisor to Aesther Healthcare Acquisition Corp.
- Nelson Mullins Riley & Scarborough LLP serves as legal counsel to Aesther Healthcare Acquisition Corp.
- Malone Bailey, LLP serves as auditors to Aesther Healthcare Acquisition Corp.
- Dykema Gossett PLLC serves as legal counsel to Ocean Biomedical, Inc.
- Deloitte & Touche LLP serves as auditors to Ocean Biomedical, Inc.
Gores Holdings X, Inc. (NASDAQ:GTENU) has filed for a $260 million SPAC to continue building the consistent track record of the Gores team. This is to be the team’s first outing with Santander as its underwriter after all 15 previous Gores SPACs were underwritten by Deutsche Bank. Of these, 14 made it to an IPO...
Ares Acquisition Corporation II (NYSE:AACT) has entered into a definitive agreement to combine with autonomous trucking firm Kodiak at a pro forma enterprise value of $2.67 billion. Mountain View, California-based Kodiak has developed driverless heavy truck technology for the industrial, logistics and defense sectors. Transaction Overview Ares II has an estimated $556 million in trust...
At the SPAC of Dawn Trade tensions may have claimed two business combinations as casualties last week, but they have not stopped deal flow altogether as Ares II (NYSE:AACT) still moved forward with its own announcement this morning. The deal was first rumored to be close early last month during simpler times for the market....
Terms Tracker for the Week Ending April 11, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. It was another chaotic week for the broader markets, but the SPAC market held its ground—sort of. Despite the volatility, SPACs priced one IPO, announced...
At the SPAC of Dawn The past month’s rocky intersection of politics and economics continues to have up-and-down effects for de-SPACs. The latest to get a boost this week was Latin American real estate developer Murano Global Investments (NASDAQ:MRNO). The 2024 merger target of HCM saw a one-day gain of +9.2% propel its share price...