Aesther Healthcare Acquisition Offers 27 Cents/Share for 6-Month Extension on Ocean Biomedical Deal

Aesther Healthcare Acquisition in a preliminary proxy seeks a deadline extension from Dec. 16 to June 16, 2023, allowing more time to close a proposed merger with Ocean Biomedical, which is developing treatments for oncology, fibrosis, and infectious diseases.

If this second extension is approved, Aesther’s sponsor has agreed to deposit 4.5 cents per share for each month of the extension, up to the full six months.

The SPAC has already pumped $1,050,000 into trust for the current extension that expires next month.

As announced in August, the deal had an expected combined pro forma enterprise value of approximately $345 million, assuming no redemptions. However, in the most recent regulatory filing, the deal is now valued at $240 million.

The SPAC in October 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. Read more.

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