Aesther announced today that its board has approved an extension to Dec. 16 for completion of the SPAC’s merger with Ocean Biomedical, a $345 million deal. In consideration for the extension, the sponsor has agreed to deposit $1.05 million (10 cents a share) into Aesther’s trust account.
The SPAC’s governing documents permit two three-month extensions, of which this is the first.
The SPAC announced a merger agreement with Ocean Biomedical late last month. Aesther raised $105 million in a September 2021 IPO and has secured a $40 million backstop on the Ocean Biomedical deal. Read more.
