Aesther Healthcare Acquisition filed a preliminary proxy outlining its proposed merger with Ocean Biomedical. The shareholder vote date has not yet been published.
As announced in August, the deal had an expected combined pro forma enterprise value of approximately $345 million, assuming no redemptions. In the latest regulatory filing, the deal is now valued at $240 million.
Earlier this month the SPAC said it entered into two separate backstop agreements for a total of up to $80 million, with the addition of up to $40 million from Meteora Special Opportunity Fund I, Meteora Select Trading Opportunities Master, and Meteora Capital Partners to support the deal. Aesther had already executed a separate backstop agreement for up to $40 million with Vellar Opportunity Fund SPV LLC-Series 3.
The SPAC last month secured a three-month deadline extension until December. Read more.
