Aesther Healthcare Acquisition filed a company presentation promoting its proposed merger with Ocean Biomedical.
As announced in August, the deal had an expected combined pro forma enterprise value of approximately $345 million, assuming no redemptions. In the most recent regulatory filing, the deal is now valued at $240 million.
Last 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 has a December deadline to complete the deal. Read more.
