Aesther Healthcare (AEHA) Terminates United Gear Deal
by Marlena Haddad on 2022-07-19 at 8:31pm

Aesther Healthcare Acquisition Corp. (NASDAQ: AEHA) announced this afternoon that it has mutually terminated its combination agreement with automotive component manufacturer United Gear & Assembly.

The termination comes just two weeks after AEHA secured a common stock purchase agreement and not even two months after deal announcement.  And while today’s 8-K did not disclose the reason for the breakup, it is likely that unfavorable market conditions played a significant role.

Aesther originally brought an estimated $105 million into the deal from its current trust and did not supplement the deal with a PIPE, but secured a common stock purchase agreement of up to $50 million earlier this month. This purchase agreement will also be terminated upon the termination of the merger agreement.

Going forward, AEHA intends to continue to identify and pursue a business combination with an appropriate target. Additionally, AEHA still has two months left on its clock, but can automatically extend their deadline two times for three-months each by contributing $0.10 per share to trust. AEHA raised $100 million at IPO last year on September 14, 2021 and initially intended to combine with a pharmaceutical or healthcare-focused business that has strong access to transformative technology. The SPAC is led by Chairman and CEO Suren Ajjarapu and CFO and Secretary Howard A. Doss.

Aesther Healthcare announced its business combination with United Gear just several weeks ago on May 27, right before the Memorial Day weekend. Hudson, Wisconsin-based United Gear is a subsidiary of United Stars Holdings, focused on manufacturing small to medium-sized precision gears and shafts for a variety of industries.


Recent Posts
by Kristi Marvin on 2023-09-22 at 4:46pm

Social Leverage Acquisition Corp I (Nasdaq: SLAC) and W3BCLOUD Holdings Inc. announced this afternoon that they have mutually agreed to terminate their business combination agreement. The reasons cited were once again “due to existing market conditions”, which most likely implies the current capital market conditions as well as the fact that W3BCLOUD works within the...

by Nicholas Alan Clayton on 2023-09-22 at 3:31pm

Hainan Sirius Acquisition Corp. (NASDAQ:HSAC) filed an S-1 this week to become September’s first new SPAC and the 20th overall to file in 2023. The SPAC aims to combine with a company operating in a sizable market with cutting edge disruptive technology that is scalable with near-term cashflow in sight. That is fairly broad and...

by Nicholas Alan Clayton on 2023-09-22 at 1:48pm

Graf Acquisition Corp. IV (NYSE:GFOR) announced in an 8-K this afternoon that it has come to a forward purchase agreement (FPA) with Meteora Capital Partners involving up to 2,500,000 shares for its combination with NKGen Biotech. Meteora is to purchase up to that amount on the open market prior to close, capped at 9.9% of...

by Nicholas Alan Clayton on 2023-09-22 at 11:26am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Heard on the Street: VinFast’s SPAC Backers Are Backing Out Even by the standards of electric-vehicle startups, the $40 billion market value of Vietnamese electric-vehicle startup VinFast is wild, following its combination with Black Spade last month....

by Nicholas Alan Clayton on 2023-09-22 at 10:54am

Murphy Canyon (NASDAQ:MURF) announced this morning that it has closed its combination with Conduit Pharmaceuticals and its shares and warrants are expected to begin trading on the Nasdaq under the symbols “CDT” and “CDTTW” on September 25. The company also closed a purchase of $20 million in Murphy Canyon units at close, which is to...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved