UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): November 1, 2022
Aesther
Healthcare Acquisition Corp.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-40793 |
|
87-1309280 |
(State
or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(IRS
Employer
Identification No.) |
515
Madison Avenue, 8th
Floor – Suite 8078
New
York, New York 10022
(Address
of principal executive offices, including zip code)
Registrant’s
telephone number, including area code: (646) 908-2659
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☒ |
Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425) |
|
☐
|
Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12) |
|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b)) |
|
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Units,
each consisting of one Class A Ordinary Share and one half of one Redeemable Warrant |
|
AEHAU |
|
The
Nasdaq Stock Market LLC |
Class
A Ordinary Share, par value $0.0001 per share |
|
AEHA |
|
The
Nasdaq Stock Market LLC |
Warrants,
each warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 |
|
AEHAW |
|
The
Nasdaq Stock Market LLC |
Item.
7.01. Regulation FD Disclosure
As
announced in a press release and related Current Report on Form 8-K dated August 31, 2022, Aesther Healthcare Acquisition Corp., a Delaware
corporation (“Aesther”), entered into an Agreement and Plan of Merger by and among Aesther, Aesther Merger Sub, Inc.,
a Delaware corporation and a wholly-owned subsidiary of Aesther (“Merger Sub”), Aesther Healthcare Sponsor, LLC, Aesther’s
sponsor (the “Sponsor”), in its capacity as purchaser representative, Ocean Biomedical, Inc., a Delaware corporation
(“Ocean Biomedical”), and Dr. Chirinjeev Kathuria, in his capacity as seller representative (as may be amended and/or
restated from time to time, the “Merger Agreement”), pursuant to which, among other things, the parties will effect
the merger of Merger Sub with and into Ocean Biomedical, with Ocean Biomedical continuing as the surviving entity (the “Merger”),
as a result of which all of the issued and outstanding capital stock of Ocean Biomedical shall be exchanged for shares of Class A common
stock, par value $0.0001 per share, of Aesther (the “Share Exchange”), subject to the conditions set forth in the
Merger Agreement, with Ocean Biomedical surviving the Share Exchange as a wholly-owned subsidiary of Aesther (the Share Exchange and
the other transactions contemplated by the Merger Agreement, together, the “Transaction”).
On
November 1, 2022, Aesther posted company presentation materials on its website and Ocean Biomedical posted such company presentation
materials on its website (the “Presentation Materials”). A copy of the Presentation Materials is furnished as Exhibit
99.1 to this Current Report on Form 8-K and incorporated into this Item 7.01 by reference.
The
information contained in, or incorporated into, this Current Report on Form 8-K, including Exhibit 99.1 attached hereto and incorporated
by reference into this Item 7.01, are being furnished and shall not be deemed “filed” for the purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section.
Furthermore, such information, including the exhibits attached hereto, shall not be deemed incorporated by reference into any of the
Company’s reports or filings with the SEC, whether made before or after the date hereof, except as expressly set forth by specific
reference in such report or filing. The information in this Current Report on Form 8-K, including the exhibit attached hereto, shall
not be deemed an admission as to the materiality of any information in this Current Report on Form 8-K that is required to be disclosed
solely to satisfy the requirements of Regulation FD.
Forward-Looking
Statements
This
filing contains certain statements that are not historical facts and are forward-looking statements within the meaning of the federal
securities laws with respect to the proposed Transaction between Aesther and Ocean Biomedical, including without limitation statements
regarding the anticipated benefits of the proposed Transaction, the anticipated timing of the proposed Transaction, the implied enterprise
value, future financial condition and performance of Ocean Biomedical and the combined company after the closing and expected financial
impacts of the proposed Transaction, the satisfaction of closing conditions to the proposed Transaction, the level of redemptions of
Aesther’s public stockholders and the products and markets and expected future performance and market opportunities of Ocean Biomedical.
These forward-looking statements generally are identified by the words “believe,” “project,” “expect,”
“anticipate,” “estimate,” “intend,” “think,” “strategy,” “future,”
“opportunity,” “potential,” “plan,” “seeks,” “may,” “should,”
“will,” “would,” “will be,” “will continue,” “will likely result,” and similar
expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions,
projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject
to risks and uncertainties.
These
forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as,
a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult
or impossible to predict and will differ from assumptions. Many factors could cause actual future events to differ materially from the
forward-looking statements in this communication, including but not limited to: (i) the risk that the proposed Transaction may not be
completed in a timely manner or at all, which may adversely affect the price of Aesther’s securities; (ii) the risk that the proposed
Transaction may not be completed by Aesther’s business combination deadline; (iii) the failure to satisfy the conditions to the
consummation of the proposed Transaction, including the approval of the Merger Agreement by the stockholders of Aesther, the satisfaction
of the minimum net tangible assets and minimum cash at closing requirements and the receipt of certain governmental, regulatory and third
party approvals; (iv) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger
Agreement; (v) the failure to achieve the minimum amount of cash available following any redemptions by Aesther’s stockholders;
(vi) redemptions exceeding anticipated levels or the failure to meet The Nasdaq Global Market’s initial listing standards in connection
with the consummation of the proposed Transaction; (vii) the effect of the announcement or pendency of the proposed Transaction on Ocean
Biomedical’s business relationships, operating results, and business generally; (viii) risks that the proposed Transaction disrupts
current plans and operations of Ocean Biomedical; (ix) the outcome of any legal proceedings that may be instituted against Ocean Biomedical
or against Aesther related to the Merger Agreement or the proposed Transaction ; (x) changes in the markets in which Ocean Biomedical’s
competes, including with respect to its competitive landscape, technology evolution, or regulatory changes; (xi) changes in domestic
and global general economic conditions; (xii) risk that Ocean Biomedical may not be able to execute its growth strategies; (xiii) risks
related to the ongoing COVID-19 pandemic and response, including supply chain disruptions; (xiv) risk that Ocean Biomedical may not be
able to develop and maintain effective internal controls; (xv) costs related to the proposed Transaction and the failure to realize anticipated
benefits of the proposed Transaction or to realize estimated pro forma results and underlying assumptions, including with respect to
estimated stockholder redemptions; (xvi) the ability to recognize the anticipated benefits of the proposed Transaction and to achieve
its commercialization and development plans, and identify and realize additional opportunities, which may be affected by, among other
things, competition, the ability of Ocean Biomedical to grow and manage growth economically and hire and retain key employees; (xvii)
the risk that Ocean Biomedical may fail to keep pace with rapid technological developments to provide new and innovative products and
services or make substantial investments in unsuccessful new products and services; (xviii) the ability to develop, license or acquire
new therapeutics; (xix) the risk that Ocean Biomedical will need to raise additional capital to execute its business plan, which may
not be available on acceptable terms or at all; (xx) the risk that Ocean Biomedical, post-combination, experiences difficulties in managing
its growth and expanding operations; (xxi) the risk of product liability or regulatory lawsuits or proceedings relating to Ocean Biomedical’s
business; (xxii) the risk of cyber security or foreign exchange losses; (xxiii) the risk that Ocean Biomedical is unable to secure or
protect its intellectual property; and (xxiv) those factors discussed in Aesther’s filings with the SEC and that are contained
in the preliminary proxy statement relating to the proposed Transaction and will be contained in the definitive proxy statement relating
to the proposed Transaction.
The
foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties
that are described in Aesther’s Annual Report on Form 10-K for the year ended December 31, 2021, and which are described in the
“Risk Factors” section of the preliminary proxy statement and the amendments thereto, and will be described in the “Risk
Factors” section of the definitive proxy statement, and other documents to be filed by Aesther from time to time with the SEC and
which are and will be available at www.sec.gov. These filings identify and address other important risks and uncertainties that could
cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements
speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and while Ocean
Biomedical and Aesther may elect to update these forward-looking statements at some point in the future, they assume no obligation to
update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required
by applicable law. Neither Ocean Biomedical nor Aesther gives any assurance that Ocean Biomedical or Aesther, or the combined company,
will achieve its expectations. These forward-looking statements should not be relied upon as representing Aesther’s or Ocean Biomedical’s
assessments as of any date subsequent to the date of this filing. Accordingly, undue reliance should not be placed upon the forward-looking
statements.
Additional
Information and Where to Find It
In
connection with the Merger Agreement and the proposed transaction, Aesther has filed with the U.S. Securities and Exchange Commission
(the “SEC”) a preliminary proxy statement on Schedule 14A relating to the proposed transaction. This communication
is not intended to be, and is not, a substitute for the preliminary proxy statement or any other document that Aesther has filed or may
file with the SEC in connection with the proposed transaction. Aesther’s stockholders and other interested persons are advised
to read the preliminary proxy statement and the amendments thereto, and, when available, the definitive proxy statement and documents
incorporated by reference therein filed in connection with the proposed transaction, as these materials will contain important information
about Aesther, Ocean Biomedical, the Merger Agreement, and the proposed transaction. When available, the definitive proxy statement and
other relevant materials for the proposed transaction will be mailed to stockholders of Aesther as of a record date to be established
for voting on the proposed transaction. Before making any voting or investment decision, investors and stockholders of Aesther are urged
to carefully read the entire preliminary proxy statement and definitive proxy statement, when it becomes available, and any other relevant
documents filed with the SEC, as well as any amendments or supplements to these documents, because they will contain important information
about the proposed Transaction. Aesther investors and stockholders will also be able to obtain copies of the preliminary proxy statement,
the definitive proxy statement, and other documents filed with the SEC that will be incorporated by reference therein, without charge,
once available, at the SEC’s website at www.sec.gov, or by directing a request to: Aesther Healthcare Acquisition Corp., 515 Madison
Avenue, Suite 8078, New York, NY 10022, Attention: Mr. Suren Ajjarapu.
Participants
in the Solicitation
Aesther,
Ocean Biomedical and their respective directors, executive officers, other members of management and employees may be deemed participants
in the solicitation of proxies from Aesther’s stockholders with respect to the proposed transaction. Investors and security holders
may obtain more detailed information regarding the names and interests in the proposed transaction of Aesther’s directors and officers
in Aesther’s filings with the SEC, including its most recent Annual Report on Form 10-K, the preliminary proxy statement and the
amendments thereto, and when filed with the SEC, the definitive proxy statement, and other documents filed with the SEC. Such information
with respect to Ocean Biomedical’s directors and executive officers is also included in the preliminary proxy statement and will
be included in the definitive proxy statement.
No
Offer or Solicitation
This
filing is not a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction
and will not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities
in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction.
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
Aesther
Healthcare Acquisition Corp. |
|
|
Dated:
November 1, 2022 |
By: |
/s/
Suren Ajjarapu |
|
|
Suren
Ajjarapu |
|
|
Chief
Executive Officer |
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