Ocean Biomedical CEO Elizabeth Ng (L) and Aesther CEO Suren Ajjarapu

Af­ter ditch­ing elec­tric ve­hi­cle parts mak­er, a SPAC choos­es a Brown spin­out that had test­ed the IPO wa­ters

While the mar­ket re­mains dif­fi­cult to nav­i­gate, the lat­est SPAC merg­er shows that biotechs and blank checks are still will­ing to brace the chop­py wa­ters — and for both par­ties in­volved in the lat­est deal, it’s not their first at­tempt at a suc­cess­ful voy­age on­to Wall Street.

Ocean Bio­med­ical want­ed to go the IPO route but that didn’t pan out.

Aes­ther Health­care Ac­qui­si­tion, the biotech’s SPAC part­ner that was dis­closed Wednes­day, orig­i­nal­ly want­ed to merge with a gear mak­er for elec­tric ve­hi­cles but that May plan went bust in Ju­ly.

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