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.
ADVISORS
- 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.
At the SPAC of Dawn The SPAC market has been feeling considerable wind under its sails since the cycle reset last summer, but that does not mean it is smooth sailing for all portions of the process. All three SPACs that held votes yesterday wound up adjourning or postponing them, suggesting that getting through a...
Columbus Circle I (NASDAQ:CCCM) has entered into a definitive agreement to combine with ProCap Financial as part of a raise of about $1 billion in capital for the target company. ProCap aims to build a Bitcoin treasury that will eventually provide the backing for a financial institution providing investment banking services. The combined company is...
At the SPAC of Dawn SPACs have a busy week of votes ahead of them with six special meetings to approve extensions and three to complete business combinations. JVSPAC (NASDAQ:JVSA) is set to kick off the run of deal votes tomorrow as it seeks approval to tie things up with Southeast Asian hospitality chain Hotel101....
Terms Tracker for the Week Ending June 20, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Two more SPACs priced IPOs this week, one each from Cohen and Cantor. That brings June’s IPO count to five and the 2025 year-to-date tally...
CSLM Digital Asset (NASDAQ:KOYNU) has filed for a $200 million IPO to hunt for a crypto transaction with a team that includes veterans from a variety of other SPAC efforts. The new SPAC sports 1/2 warrants in units and will have 24 months to initially close a business combination. It becomes the 16th SPAC that...