One SPAC's journey to find a partner, and its race against the clock, shows toughness of bear market
The once-booming SPAC market has been a slog this year, with mergers seemingly falling apart left and right. One blank check company’s new proxy statement details just how choppy the waters have become following the smooth sailing seen in peak pandemic months.
Aesther Healthcare Acquisition Corp., the SPAC that announced last month it intends to merge with Ocean Biomedical, nearly ran up against its one-year deadline to find a partner. As talks fell apart with at least three potential partners due to financial concerns, Aesther came less than three weeks from liquidating and returning its funds to shareholders.
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