Aesther Healthcare (AEHA) Announces $75M Share Purchase Agreement for Ocean Biomedical Deal
by Nicholas Alan Clayton on 2022-09-08 at 8:44am

Aesther Healthcare (NASDAQ:AEHA) announced this morning that it has inked a common stock purchase agreement with White Lion Capital that will provide up to $75 million to its combination target Ocean Biomedical.

Following close, Ocean may direct White Lion to purchase shares in the company worth up to $2 million or 67% of the five-day average daily trading volume. White Lion previously signed an agreement to support Aesther’s last transaction, a now-terminated deal with United Gear & Assembly.

This past arrangement was for only $50 million and maxed out at $1 million per day, but the public terms on both structures appear similar. Aesther has not yet filed the full agreement for this new funding, but the United Gear structure allowed White Lion to purchase the shares for a price of 95% of the lowest daily VWAP during two consecutive trading days following the notice date.

In the previous agreement, the SPAC also agreed to issue $500,000 shares of common stock to White Lion based on the VWAP of the common stock prior to the issuance at close.

Aesther Healthcare announced this new $345 million transaction with Ocean Biomedical on August 31. Providence, Rhode Island-based Ocean Biomedical is developing treatments for malaria and different cancer types. Ocean has since announced that it has discovered biospecific antibodies to target specific brain and lung cancers.

Aesther Healthcare (AEHA) Announces $75M Share Purchase Agreement for Ocean Biomedical Deal
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