Aesther Healthcare Acquisition announced today that its board approved an extension on its deadline to combine with Ocean Bionedical by three months — from Dec. 16 to March 16, 2023.
Aesther’s sponsor has agreed to deposit another $1.05 million (10 cents a share) into the SPAC’s trust as consideration for the additional time to seal the deal.
Ocean Biomedical is developing treatments for oncology, fibrosis, and infectious diseases.
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.
