Aesther Healthcare Acquisition today announced it has entered into a $75 million stock purchase agreement with White Lion Capital. White Lion is committed to purchase common stock from time to time during the commitment period, which starts on the date of the filing of the initial registration statement covering the resale of securities and terminates on the two-year anniversary of the filing.
The SPAC intends to use the net proceeds for the development, working capital, and supporting the operations of merger partner Ocean Biomedical’s assets in oncology, fibrosis, and infectious disease.
If approved, upon closing Ocean Biomedical stock and warrants are expected to be listed on the Nasdaq under the symbols OCEA and OCEAW.
Aesther last month signed a confirmation agreement for a committed backstop of up to $40 million by Vellar Opportunity Fund SPV – Series 3. Additionally, the deal includes a contingent earnout payable to the Ocean Biomedical stockholders and the sponsor.
The transaction is expected to be completed in the fourth quarter.
The SPAC raised $105 million in a September 2021 IPO. Read more.
