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.
- 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.
Ares Acquisition Corporation II (NYSE:AACT) filed its S-1 yesterday afternoon for a $400 million IPO, marking the second SPAC to file for an IPO in March and the largest since December 20, 2021, when Gores Holdings X Inc. filed for a $725 million SPAC. Ares II intends to focus its search on an established target...
Latest SPAC Liquidations: TCV Acquisition Corp. TCV Acquisition Corp. (TCVA) to Liquidate on April 13 TCV Acquisition Corp. (Nasdaq: TCVA) announced that it intends to dissolve and liquidate. It will redeem all of the outstanding Class A ordinary shares that were included in its initial public offering at a per-share redemption price of approximately $10.24. As...
DiamondHead Holding Corps. (NASDAQ:DHHC) announced that it has closed its combination with Great Southern Homes and the combined company will be renamed United Homes Group. The deal was approved by shareholders during a meeting last Thursday, and only 109,426 shares were redeemed in connection with the vote, but DiamondHead saw about 87% redemptions in total...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Volta sued over SPAC deal, Liberty Resources establishes M&A Transition Taskforce, and chancery validates SPACs’ charter amendments and share issuances Volta Sued Over SPAC Deal as $169M Shell Sale Is Approved An investor sued...
Maxpro Capital (NASDAQ:JMAC) announced that it has closed its combination with clinical-stage biotech firm Apollomics and the combined company’s shares and warrants are to begin trading today on the Nasdaq under the symbols “APLM” and “APLMW”, respectively. Apollomics is set to receive $21.35 million in proceeds from a PIPE that Maxpro announced in February and...