Aesther Healthcare (NASDAQ:AEHA) announced this morning that it has added $40 million to its backstop for the SPAC’s pending combination with Ocean Biomedical, bringing it to $80 million in total.
Meteora Capital Partners funds made the commitment to purchase 4,000,000 Aesther shares on the open market at prices no higher than the redemption price and Meteora has agreed not to redeem these shares or vote them in favor of the combination. Aesther has in turn committed to re-purchase these shares by the agreement’s three-year maturity.
At maturity, any remaining shares subject to the forward transaction will be finally purchased by Aesther at maturity for an additional $2.50 per share. And, Meteora may elect to sell some or all of the shares to third parties with Meteora will repaying Aesther with a portion of the sale proceeds. Metoera may also accelerate the maturity date should the stock trade with a VWAP below $3 for 20 of 30 trading days.
Aesther must pay a $1 million break-up fee to Meteora plus expenses should it terminate the agreement or if the combination fails to close. These terms match those agreed to by Vollar Opportunity Fund for the first $40 million of the backstop.
In addition to the now-$80 million backstop covering its estimated $108.7 million trust, the transaction includes a $75 million share purchase agreement funded by White Lion Capital. Altogether, this more than covers the deal’s $50 million minimum cash condition. Thanks to overfunding at IPO and an earlier extension, Aesther now as an estimated $10.30 per share in trust and it last closed at $10.19.
Aesther Healthcare announced its $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.


Cayson Acquisition Corp. (NASDAQ:CAPN) has entered into a definitive agreement to combine with boutique investment firm Mango Financial for $300 million in equity consideration. Hong Kong-based Mango provides a range of M&A and equity capital markets advisory services to clients considering listings in China and the US. The combined company is expected to trade on...
Trailblazer (NASDAQ:BLZRU) has filed for a $200 million SPAC to bring a first-time team to market with serial sponsor terms. The new SPAC is offering investors a 1/3 warrant in each unit and it is the first SPAC filed so far this month with 24 months on its initial transaction clock. All other July SPACs...
This week, we speak with Kyivstar CEO Oleksandr Komarov about the company’s $2.2 billion dollar combination with Cohen Circle Acquisition Corp. I (NASDAQ:CCIR). Few companies have been had to forge themselves in the flames recently quite like Ukraine’s leading telecom and digital services provider Kyivstar. Now, Kyivstar is not only telling that story but pitching it to...
At the SPAC of Dawn The market still has one full trading session before it adds Tuesday’s Core CPI reading and a variety of Fed comments to messaging it is already ingesting on US President Donald Trump’s ever-shifting tariff policy. SPACs are meanwhile continuing on with business as usual, with Cayson (NASDAQ:CAPN) announcing the third...
Terms Tracker for the Week Ending July 11, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. One more IPO priced this week bringing July’s total to 8. However, there are still three more weeks left in the month so that number...