Ocean Biomedical completed its business combination with Aesther Healthcare Acquisition. Ocean Biomedical began trading today on the Nasdaq under the symbol OCEA.
The business combination was approved Feb. 3 by Aesther’s shareholders. Although redemptions hit nearly 99%, the SPAC had also secured up to a $60 million committed backstop by Vellar Opportunity Fund SPV – Series 3 and a common stock purchase agreement with White Lion Capital, which is committed to buying up to $75 million in stock.
The arrangement provides Ocean Biomedical access to capital that will enable the company to propel its diversified pipeline to commercial success.
As announced in August, the deal had an expected combined pro forma enterprise value of approximately $345 million, which assumed no redemptions. In a follow-up regulatory filing, the deal was valued at $240 million.
Cohen & Company Capital Markets was lead capital markets advisor, along with EF Hutton, to Aesther Healthcare Acquisition. Nelson Mullins Riley & Scarborough serves as legal counsel to the SPAC and Malone Bailey are the auditors. Dykema Gossett serves as legal counsel to Ocean Biomedical and Deloitte & Touche serves as auditors.
Ocean Biomedical develops drugs and vaccines for treating cancers, fibrosis, and infectious diseases. Read more.
