Aesther Healthcare Acquisition Corp. (AEHA) Closes Ocean Biomedical Deal
by Nicholas Alan Clayton on 2023-02-15 at 9:03am

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.
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