Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 14, 2022 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-40793 | |
Entity Registrant Name | Aesther Healthcare Acquisition Corp. | |
Entity Central Index Key | 0001869974 | |
Entity Tax Identification Number | 87-1309280 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 515 Madison Avenue | |
Entity Address, Address Line Two | Suite 8078 | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10022 | |
City Area Code | (646) | |
Local Phone Number | 908-2658 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | true | |
Entity Information, Former Legal or Registered Name | Not Applicable | |
Units, each consisting of one share of Class A common stock and one half of one redeemable Warrant | ||
Title of 12(b) Security | Units, each consisting of one share of Class A common stock and one half of one redeemable Warrant | |
Trading Symbol | AEHAU | |
Security Exchange Name | NASDAQ | |
Class A common stock, par value $0.0001 per share | ||
Title of 12(b) Security | Class A common stock, par value $0.0001 per share | |
Trading Symbol | AEHA | |
Security Exchange Name | NASDAQ | |
Warrants, each exercisable for one share of Class A common stock for $11.50 per share | ||
Title of 12(b) Security | Warrants, each exercisable for one share of Class A common stock for $11.50 per share | |
Trading Symbol | AEHAW | |
Security Exchange Name | NASDAQ | |
Common Class A [Member] | ||
Entity Common Stock, Shares Outstanding | 10,600,000 | |
Common Class B [Member] | ||
Entity Common Stock, Shares Outstanding | 2,625,000 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Current Assets | ||
Cash | $ 472,105 | $ 1,075,602 |
Prepaid Expenses | 127,502 | 474,291 |
Total Current Assets | 599,607 | 1,549,893 |
Other Assets | ||
Cash and marketable securities held in Trust Account | 108,528,979 | 107,102,449 |
Total Assets | 109,128,586 | 108,652,342 |
Current Liabilities | ||
Accounts payable | 181,035 | 34,444 |
Accrued expenses | 860,133 | 212,000 |
Notes payable related party | 1,050,000 | |
Total current liabilities | 2,091,168 | 246,444 |
Deferred Underwriting Commissions | 3,150,000 | 3,150,000 |
Total Liabilities | 5,241,168 | 3,396,444 |
Commitments and Contingencies | ||
Class A common Stock subject to possible redemption, 10,500,000 shares (at redemption value of approximately $10.34 and $10.20 per share) at September 30, 2022 and December 31, 2021, respectively | 108,528,979 | 107,100,000 |
Shareholder’s Deficit | ||
Preferred Stock, $0.0001 par value; 1,250,000 shares authorized; none issued and outstanding as of September 30, 2022 and December 31, 2021 | ||
Additional paid-in-capital | (2,330,265) | (1,280,265) |
Accumulated deficit | (2,311,569) | (564,110) |
Total Shareholders’ Deficit | (4,641,561) | (1,844,102) |
Total Liabilities and Shareholders’ Deficit | 109,128,586 | 108,652,342 |
Common Class A [Member] | ||
Shareholder’s Deficit | ||
Common stock value | 10 | 10 |
Common Class B [Member] | ||
Shareholder’s Deficit | ||
Common stock value | $ 263 | $ 263 |
Balance Sheets (Unaudited) (Par
Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 1,250,000 | 1,250,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common Class A [Member] | ||
Temporary equity, shares outstanding | 10,500,000 | 10,500,000 |
Temporary equity, per shares possible redemption | $ 10.34 | $ 10.20 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 100,000 | 100,000 |
Common stock, shares outstanding | 100,000 | 100,000 |
Common Class B [Member] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 12,500,000 | 12,500,000 |
Common stock, shares issued | 2,625,000 | 2,625,000 |
Common stock, shares outstanding | 2,625,000 | 2,625,000 |
Statement of Operations (Unaudi
Statement of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2022 | |
Formation and operating costs | $ (1,369,604) | $ (42,718) | $ (42,800) | $ (1,867,461) |
Total operating Loss | (1,369,604) | (42,718) | (42,800) | (1,867,461) |
Other Income | ||||
Interest income from Trust Account | 351,771 | 173 | 173 | 498,981 |
Net loss | $ (1,017,833) | $ (42,545) | $ (42,627) | $ (1,368,480) |
Common Class A [Member] | ||||
Other Income | ||||
Basic and diluted weighted average shares outstanding | 10,600,000 | 10,600,000 | ||
Basic and diluted net loss per non-redeemable share | $ (0.10) | $ (0.13) | ||
Common Class B [Member] | ||||
Other Income | ||||
Basic and diluted weighted average shares outstanding | 2,625,000 | 2,639,130 | 2,637,381 | 2,625,000 |
Basic and diluted net loss per non-redeemable share | $ (0.39) | $ (0.02) | $ (0.02) | $ (0.52) |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($) | Common Stock [Member] Common Class A [Member] | Common Stock [Member] Common Class B [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Jun. 16, 2021 | |||||
Balance, shares at Jun. 16, 2021 | |||||
Net loss | (82) | (82) | |||
Class B common stock issued to Sponsor | $ 288 | 24,712 | 25,000 | ||
Class B common stock issued to Sponsor, shares | 2,875,000 | ||||
Balance at Jun. 30, 2021 | $ 288 | 24,712 | (82) | 24,918 | |
Balance, shares at Jun. 30, 2021 | 2,875,000 | ||||
Balance at Jun. 16, 2021 | |||||
Balance, shares at Jun. 16, 2021 | |||||
Net loss | (42,627) | ||||
Balance at Sep. 30, 2021 | $ 10 | $ 288 | (1,280,290) | (42,627) | (1,322,619) |
Balance, shares at Sep. 30, 2021 | 100,000 | 2,875,000 | |||
Balance at Jun. 30, 2021 | $ 288 | 24,712 | (82) | 24,918 | |
Balance, shares at Jun. 30, 2021 | 2,875,000 | ||||
Net loss | (42,545) | (42,545) | |||
Sale of Units through initial public offering | $ 1,050 | 104,998,950 | 105,000,000 | ||
Sale of Units through initial public offering, shares | 10,500,000 | ||||
Issuance of representative shares | $ 10 | (10) | |||
Issuance of representative shares, shares | 100,000 | ||||
Issuance of Private Placement Warrants | 5,411,000 | 5,411,000 | |||
Transaction and Underwriting costs | (6,715,992) | (6,715,992) | |||
Class A common stock subject to possible redemption | $ (1,050) | (104,998,950) | (105,000,000) | ||
Class A common stock subject to possible redemption, shares | (10,500,000) | ||||
Balance at Sep. 30, 2021 | $ 10 | $ 288 | (1,280,290) | (42,627) | (1,322,619) |
Balance, shares at Sep. 30, 2021 | 100,000 | 2,875,000 | |||
Balance at Dec. 31, 2021 | $ 10 | $ 263 | (1,280,265) | (564,110) | (1,844,102) |
Balance, shares at Dec. 31, 2021 | 100,000 | 2,625,000 | |||
Net loss | (165,713) | (165,713) | |||
Balance at Mar. 31, 2022 | $ 10 | $ 263 | (1,280,265) | (729,823) | (2,009,815) |
Balance, shares at Mar. 31, 2022 | 100,000 | 2,625,000 | |||
Balance at Dec. 31, 2021 | $ 10 | $ 263 | (1,280,265) | (564,110) | (1,844,102) |
Balance, shares at Dec. 31, 2021 | 100,000 | 2,625,000 | |||
Net loss | (1,368,480) | ||||
Balance at Sep. 30, 2022 | $ 10 | $ 263 | (2,330,265) | (2,311,569) | (4,641,561) |
Balance, shares at Sep. 30, 2022 | 100,000 | 2,625,000 | |||
Balance at Mar. 31, 2022 | $ 10 | $ 263 | (1,280,265) | (729,823) | (2,009,815) |
Balance, shares at Mar. 31, 2022 | 100,000 | 2,625,000 | |||
Net loss | (184,934) | (184,934) | |||
Balance at Jun. 30, 2022 | $ 10 | $ 263 | (1,280,265) | (914,757) | (2,194,749) |
Balance, shares at Jun. 30, 2022 | 100,000 | 2,625,000 | |||
Net loss | (1,017,833) | (1,017,833) | |||
Extension Funds attributable to common stock subject to redemption under ASC 480-10-S99 against additional paid-in-capital (“APIC”) | (1,050,000) | (1,050,000) | |||
Subsequent measurement of Class A common stock subject to redemption | (378,979) | (378,979) | |||
Balance at Sep. 30, 2022 | $ 10 | $ 263 | $ (2,330,265) | $ (2,311,569) | $ (4,641,561) |
Balance, shares at Sep. 30, 2022 | 100,000 | 2,625,000 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2022 | |
Operating Activities: | ||
Net Loss | $ (42,627) | $ (1,368,480) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Interest income from Trust Account | (173) | (498,981) |
Changes in current assets and liabilities: | ||
Prepaid Expenses | (670,884) | 346,789 |
Deferred acquisition costs | (3,986) | |
Accounts Payable | 4,865 | 146,591 |
Accrued Expenses | 5,000 | 770,584 |
Net Cash used in operating activities | (707,805) | (603,497) |
Investing activities: | ||
Investment of cash in trust account | (107,100,000) | (1,050,000) |
Net Cash used in investing activities | (107,100,000) | (1,050,000) |
Financing Activities: | ||
Proceeds from initial public offering , net of underwriting discount | 103,687,963 | |
Proceeds from private placement warrants | 5,411,000 | |
Proceeds from Founder Shares | 25,000 | |
Proceeds from issuance of promissory note to related party | 190,101 | 1,050,000 |
Payment of deferred offering costs | (153,955) | |
Payment of promissory note to related party | (190,101) | |
Net Cash Provided/Used by financing activities | 108,970,008 | 1,050,000 |
Net change in cash | 1,162,203 | (603,497) |
Cash, beginning of period | 1,075,602 | |
Cash, end of period | 1,162,203 | 472,105 |
Supplemental Disclosure of cash flow information | ||
Deferred underwriting commissions payable charged to additional paid-in-capital | 3,150,000 | |
Initial Value of Class A common stock subject to possible redemption | 105,000,000 | |
Extension Funds attributable to common stock subject to redemption under ASC 480-10-S99 against APIC | 1,050,000 | |
Subsequent measurement of common stock subject to redemption | $ 378,979 |
Organization and Business Opera
Organization and Business Operations | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business Operations | Note 1— Organization and Business Operations Aesther Healthcare Acquisition Corp. (the “Company” or “AHAC”) is a blank check company formed in June 2021, for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). Termination of a Material Definitive Agreement United Gear & Assembly As previously disclosed, on May 26, 2022, AHAC entered into an Agreement and Plan of Merger (the “United Merger Agreement”) with AHAC Merger Sub Inc., a Delaware corporation and a then newly formed wholly-owned subsidiary of AHAC (“Merger Sub”), Aesther Healthcare Sponsor, LLC, a Delaware limited liability company, which is controlled by Suren Ajjarapu, AHAC’s Chief Executive Officer and the Chairman of the Board of Directors, and a United States citizen (the “Sponsor”), solely in the capacity as the representative from and after the effective time of the Merger for the stockholders of AHAC (other than the United Stockholder (as defined below) (the “Purchaser Representative”), United Gear & Assembly, Inc., a Delaware corporation (“United Gear”), and United Stars Holdings, Inc., a Delaware corporation and the sole stockholder of United Gear (the “United Stockholder”). In connection with the transactions contemplated by the United Merger Agreement, AHAC also entered into a common stock purchase agreement with White Lion Capital, LLC on July 6, 2022 (the “Common Stock Purchase Agreement”). On July 18, 2022, pursuant to Section 8.1(a) of the United Merger Agreement, AHAC, United Gear, Merger Sub, Purchaser Representative and United Stockholder entered into a letter agreement (the “Termination Agreement”) pursuant to which the United Merger Agreement was terminated by the mutual agreement of the parties thereto. As a result of the termination of the United Merger Agreement, the United Merger Agreement is no longer in force and effect, and certain Ancillary Documents (as defined in the United Merger Agreement) entered into in connection with the United Merger Agreement, including but not limited to, a Non-Competition Agreement and Lock-Up Agreement (as such agreements are defined in the United Merger Agreement) were automatically terminated in accordance with their terms and/or are of no further force and effect. In addition, in accordance with the terms thereof, the Common Stock Purchase Agreement also terminated upon the termination of the United Merger Agreement. Proposed Ocean Biomedical, Inc. Business Combination On August 31, 2022, AHAC entered into an Agreement and Plan of Merger by and among AHAC, 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 Merger Consideration As consideration for the Merger, the holders of Ocean Biomedical’s securities collectively shall be entitled to receive from AHAC, in the aggregate, a number of shares of AHAC Class A common stock with an aggregate value equal to (the “Merger Consideration”) (a) $240,000,000 minus (b) the amount, if any, by which the net working capital is less than negative $500,000, plus (c) the amount, if any, by which the net working capital exceeds $500,000 (but not less than zero), minus (d) the amount, if any, by which the closing net debt exceeds $1,500,000, minus (e) the amount, if any, by which the company transaction expenses exceed $6,000,000. In addition, holders of Ocean Biomedical’s securities shall also be entitled to receive from AHAC, in the aggregate, an additional 19,000,000 shares of AHAC Class A common stock in the event that the volume weighted average price (VWAP) of AHAC’s Class A common stock, collectively, exceeds (a) $15.00 per share for 20 out of any 30 consecutive trading days beginning on the Closing date of the Merger Agreement until the 36-month anniversary of the Closing Date, in which case the holders of Ocean Biomedical securities shall be entitled to receive an additional 5,000,000 shares of AHAC Class A common stock, (b) $17.50 per share for 20 out of any 30 consecutive trading days beginning on the Closing Date of the Merger Agreement until the 36-month anniversary of the Closing Date, in which case the holders of Ocean Biomedical securities shall be entitled to receive an additional 7,000,000 shares of AHAC Class A common stock and (c) $20.00 per share for 20 out of any 30 consecutive trading days beginning on the Closing Date of the Merger Agreement until the 36-month anniversary of the Closing Date, in which case the holders of Ocean Biomedical securities shall be entitled to receive an additional 7,000,000 shares of AHAC Class A common stock. In addition, for each Earnout Share Payment, AHAC will also issue to Sponsor an additional 1,000,000 shares of AHAC Class A common stock Backstop Agreement and Equity Line of Credit Simultaneously with the execution of the Merger Agreement, AHAC and Ocean Biomedical entered into an OTC Equity Prepaid Forward Transaction (the “Backstop Agreement”) with Vellar Opportunity Fund SPV LLC – Series 3 (“Vellar”). Pursuant to the Backstop Agreement, Vellar has agreed to support the Transaction by purchasing shares of AHAC Class A common stock in the open market for up to $ 40,000,000 including from other AHAC stockholders that elected to redeem and subsequently revoked their prior elections to redeem their shares, following the expiration of the Company’s redemption offer. AHAC has agreed to purchase those shares from Vellar on a forward basis. The purchase price payable by the Company will include a prepayment in the amount of the redemption price per share. The Backstop Agreement matures on the earlier to occur of (a) 3 years after the closing of the Merger Agreement or (b) the date specified by Vellar in a written notice delivered at Vellar’s discretion if the VWAP of AHAC’s shares during 20 out of 30 consecutive trading days is less than $3 per share. At maturity, any remaining shares subject to the forward transaction will be finally purchased by AHAC at maturity for an additional $2.50 per share. During the term of the Backstop Agreement, Vellar may elect to sell some or all of the shares subject to the forward transaction after which those shares will no longer be subject to the Backstop Agreement, and in such event Vellar will repay the Company with a portion of the sale proceeds. If the Backstop Agreement is terminated after the Merger fails to close, except due to regulatory items or a material breach by Vellar, AHAC will be obligated to pay a break-up fee equal to $ 1 Additionally, the Merger Agreement allows (but does not require) AHAC to seek and consummate subscription agreements with investors totaling in the range of $ 50,000,000 75,000,000 Organization and Business Operations As of September 30, 2022, the Company had not commenced any material operations. All activity for the period from June 17, 2021 (inception) through September 30, 2022 relates to the Company’s formation, the initial public offering (“Initial Public Offering”), activities to identify a target business and the negotiation and drafting of the Merger Agreements discussed above. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Initial Public Offering. The Company has selected December 31 as its fiscal year end. The registration statement for the Company’s Initial Public Offering was declared effective on September 14, 2021. On September 17, 2021, the Company consummated the Initial Public Offering of 10,500,000 Units Public Shares 10.00 105,000,000 Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 5,411,000 1.00 5,411,000 Transaction costs amounted to $ 4,615,992 1,050,000 3,150,000 415,992 472,107 Following the closing of the Initial Public Offering on September 17, 2021, an amount of $ 107,100,000 10.20 1,050,000 1,050,000 The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. Nasdaq rules provide that the Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80 50 The Company will provide its holders of the outstanding Public Shares (the “Public Stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination pursuant to the proxy solicitation rules of the SEC or (ii) by means of a tender offer. In connection with a proposed Business Combination, the Company will be required to seek stockholder approval of a Business Combination at a meeting called for such purpose at which stockholders may seek to redeem their shares, regardless of whether they vote for or against a Business Combination. The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $ 5,000,001 If the Company conducts redemptions of the Public Shares in connection with a Business Combination pursuant to the proxy solicitation rules in conjunction with a stockholder meeting instead of pursuant to the tender offer rules, the Company’s amended and restated certificate of incorporation (the “Certificate of Incorporation”) provides that, a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from seeking redemption rights with respect to 15 The public stockholders will be entitled to redeem their shares for a pro rata portion of the amount then in the Trust Account (initially $ 10.20 10.30 If the Company is unable to conduct redemptions pursuant to the proxy solicitation rules as described above, the Company will, pursuant to its Certificate of Incorporation, offer such redemption pursuant to the tender offer rules of the SEC, and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination. The Company’s Sponsor, officers, directors, and advisors have agreed (a) to vote their Founder Shares (as defined in Note 5 – Related Party Transactions) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination; (b) not to propose an amendment to the Company’s Certificate of Incorporation with respect to the Company’s pre-Business Combination activities prior to the consummation of a Business Combination unless the Company provides dissenting public stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment; (c) not to redeem any shares (including the Founder Shares) into cash from the Trust Account in connection with a stockholder vote to approve a Business Combination (or to sell any shares in a tender offer in connection with a Business Combination if the Company is unable to conduct redemptions pursuant to the proxy solicitation rules) or a vote to amend the provisions of the Certificate of Incorporation relating to stockholders’ rights of pre-Business Combination activity and (d) that the Founder Shares shall not participate in any liquidating distributions upon winding up if a Business Combination is not consummated. However, the Sponsor and our officers, directors and advisors will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares purchased during or after the Initial Public Offering if the Company fails to complete its Business Combination. If the Company is unable to complete a Business Combination within 12 months from the closing of the Initial Public Offering or September 17, 2022, subject to the right to extend the period of time to consummate the Business Combination two times, by an additional three months each time (for a total of up to 18 months), of which one three month extension has already been exercised, extending the date the Company is required to complete the initial Business Combination from September 16, 2022 to December 16, 2022 (see Note 5 – Related Party)(the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to us to pay taxes (less up to $ 100,000 10.30 The Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or similar agreement or Business Combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $ 10.30 10.30 Going Concern and Liquidity As indicated in the accompanying financial statements, at September 30, 2022, we had $ 472,105 1,491,561 The Company has incurred and expects to continue to incur significant costs in pursuit of its acquisition plans and will not generate any operating revenues until after the completion of its initial business combination. In addition, the Company expects to have negative cash flows from operations until it can complete its initial Business Combination. In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, “ Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern The Company may raise additional capital through loans or additional investments from the Sponsor or its shareholders, officers, directors, or third parties as described in Note 5 – Related Party Transactions. The Company’s officers and directors and the Sponsor may, but are not obligated to (except as described above), loan the Company funds, from time to time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital needs. Based on the foregoing, the Company believes it will have sufficient cash to meet its needs through the earlier of consummation of a Business Combination or December 16, 2022, the current deadline to complete a Business Combination pursuant to the Company’s Amended and Restated Certificate of Incorporation (unless otherwise amended by shareholders). While the Company expects to have sufficient access to additional sources of capital if necessary, there is no current commitment on the part of any financing source to provide additional capital and no assurances can be provided that such additional capital will ultimately be available. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of time within one year after the date that the financial statements are issued. There is no assurance that the Company’s plans to raise additional capital (to the extent ultimately necessary) or to consummate a Business Combination will be successful or successful within the Combination Period. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. As is customary for a special purpose acquisition company, if the Company is not able to consummate a Business Combination during the Combination Period, it will cease all operations and redeem the Public Shares. Management plans to continue its efforts to consummate a Business Combination during the Combination Period. Risks and Uncertainties Management is currently continuing to evaluate the impact of the COVID-19 pandemic, rising interest rates and increased inflation, and has concluded that while it is reasonably possible that the virus, interest rates and/or inflation could have a negative effect on the Company’s financial position, results of its operations and/or completion of the pending Merger, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2— Significant Accounting Policies Basis of Presentation The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). Emerging Growth Company Status The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Concentration of Credit Risk Financial installments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage limit of $ 250,000 Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. Cash Held in Trust Account As of September 30, 2022, the Company had $ 108,528,879 Class A Common Stock Subject to Possible Redemption All of the 10,500,000 5,000,001 10,500,000 Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet, primarily due to its short-term nature. Offering Costs Associated with the Initial Public Offering The Company complies with the requirements of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A – Expenses of Offering 4,615,992 Net Loss Per Share of Common Stock The Company complies with the accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Common Stock.” Net loss per common stock is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period, excluding common stock subject to forfeiture. An aggregate of 10,500,000 5,411,000 The Company’s unaudited statements of operations includes a presentation of income (loss) per share of Common Stock for Redeemable Class A common stock in a manner similar to the two-class method of income (loss) per share of Common Stock. Net income per share of Common Stock, basic and diluted, for Redeemable Class A common stock is calculated by dividing the proportionate share of income or loss on marketable securities held by the Trust Account, net of applicable franchise and income taxes, by the weighted average number of common stock subject to possible redemption outstanding since original issuance. Net loss per share of Common Stock, basic and diluted, for non-redeemable Class A and Class B common stock is calculated by dividing the net loss, adjusted for income or loss on marketable securities attributable to redeemable Class A common stock, by the weighted average number of non-redeemable Common Stock outstanding for the period. Non-redeemable Class A and Class B common stock includes Founder Shares (see Note 5 – Related Party Transactions) and non-redeemable shares of Common Stock as these shares do not have any redemption features. Non-redeemable Class A and Class B common stock participates in the income or loss on marketable securities based on non-redeemable shares of Common Stock’s proportionate interest. Income Taxes The Company accounts for income taxes under FASB ASC 740, “Income Taxes” (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2022. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company has identified the United States as its only “major” tax jurisdiction. The Company is subject to income tax examinations by major taxing authorities since inception. These examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and state tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. The provision for income taxes was deemed to be immaterial for the nine months ended September 30, 2022. Recent Accounting Standards Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements. |
Initial Public Offering
Initial Public Offering | 9 Months Ended |
Sep. 30, 2022 | |
Initial Public Offering | |
Initial Public Offering | Note 3— Initial Public Offering On September 17, 2021, the Company sold 10,500,000 10.00 105.0 4,613,955 1,050,000 3,150,000 413,955 0.0001 11.50 |
Private Placement
Private Placement | 9 Months Ended |
Sep. 30, 2022 | |
Private Placement | |
Private Placement | Note 4 - Private Placement Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased 5,411,000 1.00 5,411,000 Each Private Placement Warrant is identical to the warrants offered in the Initial Public Offering, except that the Private Placement Warrants, so long as they are held by our Sponsor, or its permitted transferees, (i) may not (including the common stock shares issuable upon exercise of such warrants), subject to certain limited exceptions, be transferred, assigned or sold by the holders until 30 days after the completion of our initial Business Combination, and (ii) will be entitled to registration rights. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 5 — Related Party Transactions Founder Shares In June 2021, the Sponsor paid $ 25,000 2,875,000 11,500,000 20 375,000 250,000 The Company’s initial stockholders have agreed not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (i) one year after the date of the consummation of the initial Business Combination or (ii) the date on which the Company consummates a liquidation, merger, stock exchange or other similar transaction which results in all of the stockholders having the right to exchange their shares of Class A common stock for cash, securities or other property. Any permitted transferees will be subject to the same restrictions and other agreements of the initial stockholders with respect to any Founder Shares. Notwithstanding the foregoing, if the closing price of the shares of Class A common stock equals or exceeds $ 12.00 Promissory Notes — Related Party On June 30, 2021, the Sponsor agreed to loan the Company up to $ 300,000 2,001,000 190,101 no On September 15, 2022, the Company entered into a Loan and Transfer Agreement between the Company, the Sponsor, and other parties (the “Lender”), pursuant to which the Lender loaned $1,050,000 to the Sponsor and the Sponsor loaned $1,050,000 to us (the “Sponsor Extension Loan”). Amounts loaned from the Lender to the Sponsor accrue interest at 8% per annum and amounts loaned from the Sponsor to us do not accrue interest. We are only required to repay the Sponsor Extension Loan upon completion of our initial Business Combination. The total amounts advanced by Lender to the Sponsor in connection with the $1,050,000 loan (the “Funded Amounts”) are required to be repaid, together with all accrued and unpaid interest thereon, within five days of the closing of our initial Business Combination, at the option of the Lender, in either (a) cash; or (b) shares of Class A common stock held by the Sponsor which are deemed to have a value of $10 per share for such repayment right. As additional consideration for the Lender making the Loan available to Sponsor, Sponsor agreed to transfer between 1 and 2.5 Shares of Class B common stock to Lender for each $10 multiple of the Funded Amounts, which included the registration rights previously provided by the Company to the Sponsor. Furthermore, the letter agreement with the Company’s initial stockholders contains a provision pursuant to which the Sponsor has agreed to waive its right to be repaid for such loans out of the funds held in the Trust Account in the event that the Company does not complete a Business Combination Related Party Working Capital Loans In order to finance transaction costs in connection with an intended initial Business Combination, the Sponsor, an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (the “Working Capital Loans”). If the Company completes an initial Business Combination, the Company would repay such loaned amounts out of the proceeds of the Trust Account released to the Company. Otherwise, such loans would be repaid only out of funds held outside the Trust Account. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay such loaned amounts but no proceeds from the Trust Account would be used to repay such loaned amounts. Up to $ 1,500,000 1.00 no Administrative Support Agreement The Company has agreed to pay Aesther Healthcare Sponsor, LLC, our Sponsor a total of $ 10,000 90,000 Amount Due to for Redemption Deposit in Trust Account The Company committed $ 2,100,000 10.20 10.30 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 6— Commitments and Contingencies Registration Rights The holders of the Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans (and any shares of common stock issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the working capital loans and upon conversion of the Founder Shares) will be entitled to registration rights pursuant to a registration rights agreement entered into on the effective date of the Initial Public Offering, requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to shares of Class A common stock). The holders of these securities will be entitled to make up to three demands, excluding short form registration demands, that the Company registers such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the Company’s completion of the initial Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriters Agreement The Company granted the underwriters a 45-day option to purchase up to 1,500,000 500,000 The underwriters were paid a cash underwriting discount of one percent (1%) of the gross proceeds of the Initial Public Offering 1,050,000 100,000 3.0 3,150,000 Business Combination Legal Services and Other Agreements The Company has entered into an agreement with its legal counsel, Ellenoff, Grossman & Schole, LLP (“EGS”), whereby the Company is required to pay an initial retainer of $ 35,000 122,625 37,914 415,787 The Company has entered into an agreement with its legal counsel, Nelson Mullins Riley & Scarborough, LLP (“Nelson”), whereby the Company is required to pay a percentage of monthly legal fees related to the initial Business Combination with Ocean Biomedical, Inc. (i.e., the Merger Agreement) and a percentage of monthly legal fees. The balance of any additional legal fees incurred related to the initial Business Combination will be due at the closing of the Merger Agreement. For the nine months ended September 30, 2022, the Company had paid a total of $ 0 81,048 243,144 The Company engaged The Mentor Group, Inc. to provide valuation counsel to the Board of Directors on the business combinations with United Gear & Assembly, Inc. and Ocean Biomedical, Inc. The Mentor Group issued a fairness opinion on both transactions opining that the transactions were fair to the shareholders of the Company from a financial point of view. For the nine months ended September 30, 2022, $ 145,160 The Company has engaged two Investor Relations firms. One for a monthly expense of $ 10,000 40,000 8,000 12,000 |
Stockholders_ Deficit
Stockholders’ Deficit | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Stockholders’ Deficit | Note 7— Stockholders’ Deficit Preferred Stock The Company is authorized to issue 1,250,000 0.0001 no Class A Common Stock The Company is authorized to issue 125,000,000 0.0001 Holders of Class A common stock are entitled to one vote for each share 10,600,000 100,000 An aggregate of 10,500,000 Class B Common Stock The Company is authorized to issue 12,500,000 0.0001 Holders of the Class B common stock are entitled to one vote for each common stock 2,625,000 The Company’s initial stockholders have agreed not to transfer, assign or sell any of their Founder Shares until the earlier to occur of (i) one year after the date of the consummation of the initial Business Combination or (ii) the date on which the Company consummates a liquidation, merger, stock exchange or other similar transaction which results in all of the stockholders having the right to exchange their shares of Class A common stock for cash, securities or other property. Any permitted transferees will be subject to the same restrictions and other agreements of the initial stockholders with respect to any Founder Shares. Notwithstanding the foregoing, if the closing price of the shares of Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing 150 days after the initial Business Combination The shares of Class B common stock will automatically convert into shares of Class A common stock at the time of the initial Business Combination on a one-for-one basis, subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like, and subject to further adjustment as discussed below. In the case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed issued in excess of the amounts offered in the Initial Public Offering and related to the closing of the initial Business Combination, the ratio at which shares of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless the holders of a majority of the outstanding shares of Class B common stock agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as-converted basis, 20 Holders of the Class A common stock and holders of the Class B common stock will vote together as a single class on all matters submitted to a vote of the Company’s stockholders, with each share of common stock entitling the holder to one vote. Warrants Each warrant entitles the holder to purchase one share of the Company’s Class A common stock at a price of $ 11.50 the Company issues additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined in good faith by the board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or its affiliates, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates the initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described below under “Redemption of warrants when the price per share of Class A common stock equals or exceeds $18.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price The warrants will expire at 5:00 p.m., New York City time, five years The Company did not register the shares of Class A common stock issuable upon exercise of the warrants in connection with the Initial Public Offering. However, the Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of the initial Business Combination, the Company will use its best efforts to file with the SEC a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants, to cause such registration statement to become effective and to maintain a current prospectus relating to those shares of Class A common stock until the warrants expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants is not effective within 90 days after the closing of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act of 1933, as amended, or another exemption. Redemption of warrants when the price per share of Class A common stock equals or exceeds $ 18.00 Once the warrants become exercisable, the Company may redeem the outstanding warrants: ● in whole and not in part: ● At a price of $ 0.01 ● upon a minimum of 30 days’ prior written notice of redemption (the “30-day redemption period”); and ● if, and only if, the last sale price of the Class A common stock equals or exceeds $ 18.00 If the Company calls the warrants for redemption as described above, the management will have the option to require all holders that wish to exercise warrants to do so on a “cashless basis.” In determining whether to require all holders to exercise their warrants on a “cashless basis,” the management will consider, among other factors, the cash position, the number of warrants that are outstanding and the dilutive effect on the stockholders of issuing the maximum number of shares of Class A common stock issuable upon the exercise of the warrants. In such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market value” shall mean the average reported last sale price of the Class A common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. The Placement Warrants, as well as any warrants underlying additional units the Company issues to the Sponsor, officers, directors, initial stockholders or their affiliates in payment of Working Capital Loans made to the Company, are or will be identical to the warrants underlying the Units being offered in the Initial Public Offering and may not, subject to certain limited exceptions, be transferred, assigned or sold by the holders until 30 days after the completion of the Company’s initial Business Combination and will be entitled to registration rights. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 8 — Subsequent Events On October 4, 2022, the Company and Ocean Biomedical entered into a Forward Share Purchase Agreement (the “Meteora Backstop Agreement”) with Meteora Special Opportunity Fund I, LP, Meteora Select Trading Opportunities Master, LP, and Meteora Capital Partners, LP (collectively, “Meteora”), and is incorporated herein by reference. Pursuant to the Meteora Backstop Agreement, Meteora has agreed to purchase up to 4,000,000 shares of AHAC Class A common stock in the open market at prices no higher than the redemption price, including from other AHAC stockholders that elected to redeem and subsequently revoked their prior elections to redeem their shares, following the expiration of AHAC’s redemption offer. AHAC has agreed to purchase those shares from Meteora on a forward basis. The purchase price payable by AHAC will be escrowed in the amount of the redemption price per share. The Meteora Backstop Agreement matures 3 years after the closing of the Merger. The maturity date may be accelerated by Meteora if (i) the shares of Class A common stock are delisted from a qualified exchange, (ii) the Meteora Backstop Agreement is terminated for any reason after the closing of the Transaction, or (iii) the volume weighted average price of the shares during 20 out of 30 consecutive trading days is less than $3 per share. At maturity, any remaining shares subject to the forward transaction will be finally purchased by AHAC at maturity for an additional $2.50 per share. During the term of the forward transaction, Meteora may elect to sell some or all of the shares subject to the forward transaction to third parties, after which those shares will no longer be subject to the forward transaction, and in such event Meteora will repay AHAC with a portion of the sale proceeds. If the forward transaction is terminated, except due to a material breach by Meteora, AHAC will be obligated to pay the counterparty a break-up fee equal to $ 1 Meteora has agreed not to vote any shares subject to the forward transaction in favor of approving the Transaction and has waived its redemption rights with respect to such shares in connection with the Merger. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). |
Emerging Growth Company Status | Emerging Growth Company Status The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. |
Concentration of Credit Risk | Concentration of Credit Risk Financial installments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage limit of $ 250,000 |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. |
Cash Held in Trust Account | Cash Held in Trust Account As of September 30, 2022, the Company had $ 108,528,879 |
Class A Common Stock Subject to Possible Redemption | Class A Common Stock Subject to Possible Redemption All of the 10,500,000 5,000,001 10,500,000 |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet, primarily due to its short-term nature. |
Offering Costs Associated with the Initial Public Offering | Offering Costs Associated with the Initial Public Offering The Company complies with the requirements of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A – Expenses of Offering 4,615,992 |
Net Loss Per Share of Common Stock | Net Loss Per Share of Common Stock The Company complies with the accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Common Stock.” Net loss per common stock is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period, excluding common stock subject to forfeiture. An aggregate of 10,500,000 5,411,000 The Company’s unaudited statements of operations includes a presentation of income (loss) per share of Common Stock for Redeemable Class A common stock in a manner similar to the two-class method of income (loss) per share of Common Stock. Net income per share of Common Stock, basic and diluted, for Redeemable Class A common stock is calculated by dividing the proportionate share of income or loss on marketable securities held by the Trust Account, net of applicable franchise and income taxes, by the weighted average number of common stock subject to possible redemption outstanding since original issuance. Net loss per share of Common Stock, basic and diluted, for non-redeemable Class A and Class B common stock is calculated by dividing the net loss, adjusted for income or loss on marketable securities attributable to redeemable Class A common stock, by the weighted average number of non-redeemable Common Stock outstanding for the period. Non-redeemable Class A and Class B common stock includes Founder Shares (see Note 5 – Related Party Transactions) and non-redeemable shares of Common Stock as these shares do not have any redemption features. Non-redeemable Class A and Class B common stock participates in the income or loss on marketable securities based on non-redeemable shares of Common Stock’s proportionate interest. |
Income Taxes | Income Taxes The Company accounts for income taxes under FASB ASC 740, “Income Taxes” (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2022. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company has identified the United States as its only “major” tax jurisdiction. The Company is subject to income tax examinations by major taxing authorities since inception. These examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and state tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. The provision for income taxes was deemed to be immaterial for the nine months ended September 30, 2022. |
Recent Accounting Standards | Recent Accounting Standards Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements. |
Organization and Business Ope_2
Organization and Business Operations (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 17, 2022 | Sep. 15, 2022 | Aug. 31, 2022 | Sep. 17, 2021 | Sep. 17, 2021 | Aug. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 29, 2022 | Aug. 30, 2022 | Dec. 31, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Proceeds from issuance of private placement | $ 5,411,000 | ||||||||||
Transaction costs | $ 4,615,992 | ||||||||||
Underwriting fees | 1,050,000 | ||||||||||
Deferred underwriting fees | 3,150,000 | $ 3,150,000 | 3,150,000 | $ 3,150,000 | |||||||
Other offering costs | $ 415,992 | $ 415,992 | |||||||||
Net proceeds from offering | 103,687,963 | ||||||||||
Cash in trust account | $ 1,050,000 | $ 107,100,000 | 1,050,000 | ||||||||
Redemption Price | 15% | ||||||||||
Interest on dissolution expenses | $ 100,000 | ||||||||||
Share price | $ 10.30 | $ 10.30 | |||||||||
Cash | 472,105 | $ 1,075,602 | |||||||||
Working capital surplus | 1,491,561 | ||||||||||
Minimum [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Minimum net tangible asset upon consummation of business combination | $ 5,000,001 | $ 5,000,001 | |||||||||
Share price | $ 10.30 | $ 10.30 | |||||||||
IPO [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Sale of units through initial public offering, shares | 10,500,000 | ||||||||||
Share price | $ 10 | $ 10 | |||||||||
Transaction costs | $ 4,613,955 | ||||||||||
Other offering costs | $ 413,955 | $ 413,955 | |||||||||
Cash held outside of Trust Account | 472,107 | ||||||||||
Share price | $ 10.30 | $ 10.30 | |||||||||
Private Placement Warrants [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Sale of units through initial public offering, shares | 5,411,000 | ||||||||||
Share price | $ 1 | 1 | |||||||||
Proceeds from issuance of private placement | $ 5,411,000 | ||||||||||
IPO and Private Placement [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Share price | $ 10.20 | $ 10.20 | |||||||||
Net proceeds from offering | $ 107,100,000 | ||||||||||
Private Placement [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Proceeds from issuance of private placement | $ 2,100,000 | ||||||||||
Private Placement [Member] | Sponssor Extension Loan [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Redemption price per share | $ 10.30 | $ 10.20 | |||||||||
Common Class A [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Common stock, par value | 0.0001 | $ 0.0001 | |||||||||
Redemption price per share | $ 10.34 | $ 10.20 | |||||||||
Common Class A [Member] | IPO [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Sale of units through initial public offering, shares | 10,500,000 | ||||||||||
Share price | $ 10 | $ 10 | |||||||||
Proceeds from issuance or sale of equity | $ 105,000,000 | ||||||||||
Ocean Biomedical Inc [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Merger consideration | As consideration for the Merger, the holders of Ocean Biomedical’s securities collectively shall be entitled to receive from AHAC, in the aggregate, a number of shares of AHAC Class A common stock with an aggregate value equal to (the “Merger Consideration”) (a) $240,000,000 minus (b) the amount, if any, by which the net working capital is less than negative $500,000, plus (c) the amount, if any, by which the net working capital exceeds $500,000 (but not less than zero), minus (d) the amount, if any, by which the closing net debt exceeds $1,500,000, minus (e) the amount, if any, by which the company transaction expenses exceed $6,000,000. In addition, holders of Ocean Biomedical’s securities shall also be entitled to receive from AHAC, in the aggregate, an additional 19,000,000 shares of AHAC Class A common stock in the event that the volume weighted average price (VWAP) of AHAC’s Class A common stock, collectively, exceeds (a) $15.00 per share for 20 out of any 30 consecutive trading days beginning on the Closing date of the Merger Agreement until the 36-month anniversary of the Closing Date, in which case the holders of Ocean Biomedical securities shall be entitled to receive an additional 5,000,000 shares of AHAC Class A common stock, (b) $17.50 per share for 20 out of any 30 consecutive trading days beginning on the Closing Date of the Merger Agreement until the 36-month anniversary of the Closing Date, in which case the holders of Ocean Biomedical securities shall be entitled to receive an additional 7,000,000 shares of AHAC Class A common stock and (c) $20.00 per share for 20 out of any 30 consecutive trading days beginning on the Closing Date of the Merger Agreement until the 36-month anniversary of the Closing Date, in which case the holders of Ocean Biomedical securities shall be entitled to receive an additional 7,000,000 shares of AHAC Class A common stock. In addition, for each Earnout Share Payment, AHAC will also issue to Sponsor an additional 1,000,000 shares of AHAC Class A common stock | ||||||||||
Ocean Biomedical Inc [Member] | Common Class A [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Common stock, par value | $ 0.0001 | ||||||||||
Ocean Biomedical Inc [Member] | Common Class A [Member] | Backstop Agreement [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Investors totaling amount | $ 75,000,000 | $ 50,000,000 | |||||||||
Vellar Opportunity Fund SPV LLC [Member] | Common Class A [Member] | Backstop Agreement [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Purchase of common stock class A | $ 40,000,000 | ||||||||||
Equity line of credit redeem shares description | including from other AHAC stockholders that elected to redeem and subsequently revoked their prior elections to redeem their shares, following the expiration of the Company’s redemption offer. AHAC has agreed to purchase those shares from Vellar on a forward basis. The purchase price payable by the Company will include a prepayment in the amount of the redemption price per share. The Backstop Agreement matures on the earlier to occur of (a) 3 years after the closing of the Merger Agreement or (b) the date specified by Vellar in a written notice delivered at Vellar’s discretion if the VWAP of AHAC’s shares during 20 out of 30 consecutive trading days is less than $3 per share. At maturity, any remaining shares subject to the forward transaction will be finally purchased by AHAC at maturity for an additional $2.50 per share. During the term of the Backstop Agreement, Vellar may elect to sell some or all of the shares subject to the forward transaction after which those shares will no longer be subject to the Backstop Agreement, and in such event Vellar will repay the Company with a portion of the sale proceeds. If the Backstop Agreement is terminated after the Merger fails to close, except due to regulatory items or a material breach by Vellar, AHAC will be obligated to pay a break-up fee equal to $1 million and certain fees and expenses | ||||||||||
Fees and expenses | $ 1,000,000 | ||||||||||
Aesther Healthcare Sponsor LLC [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Percentage of voting interests acquired | 50% | 50% | |||||||||
Aesther Healthcare Sponsor LLC [Member] | Public Shares and Private Placement [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Percentage of voting interests acquired | 80% | 80% |
Significant Accounting Polici_3
Significant Accounting Policies (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Federal depository insurance coverage amount | $ 250,000 | |
Cash held in trust account | 108,528,879 | |
Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Net tangible assets | $ 5,000,001 | |
Common Class A [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Temporary equity, shares outstanding | 10,500,000 | 10,500,000 |
IPO [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Offering expenses | $ 4,615,992 | |
IPO [Member] | Common Class A [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Sale of stock, number of shares issued in transaction | 10,500,000 | |
Private Placement [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 5,411,000 |
Initial Public Offering (Detail
Initial Public Offering (Details Narrative) - USD ($) | Sep. 17, 2021 | Sep. 17, 2021 | Sep. 30, 2022 | Dec. 31, 2021 |
Payments of stock issuance costs | $ 4,615,992 | |||
Other offering costs | $ 415,992 | $ 415,992 | ||
Common Class A [Member] | ||||
Common stock, par value | $ 0.0001 | $ 0.0001 | ||
Warrant [Member] | Common Class A [Member] | ||||
Common stock, par value | $ 0.0001 | $ 0.0001 | ||
Public Warrant [Member] | Common Class A [Member] | ||||
Common stock, par value | 11.50 | $ 11.50 | ||
IPO [Member] | ||||
Stock issued, shares | 10,500,000 | |||
Shares issued, price per share | $ 10 | $ 10 | ||
Proceeds from sale of common stock | $ 105,000,000 | |||
Payments of stock issuance costs | 4,613,955 | |||
Payments for underwriting expense | 1,050,000 | |||
Deferred underwriting fees | $ 3,150,000 | 3,150,000 | ||
Other offering costs | $ 413,955 | $ 413,955 | ||
IPO [Member] | Common Class A [Member] | ||||
Stock issued, shares | 10,500,000 | |||
Shares issued, price per share | $ 10 | $ 10 |
Private Placement (Details Narr
Private Placement (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 17, 2021 | Sep. 30, 2021 | Sep. 30, 2022 | |
Subsidiary, Sale of Stock [Line Items] | |||
Proceeds from issuance of private placement | $ 5,411,000 | ||
Private Placement Warrants [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Sale of Units through initial public offering, shares | 5,411,000 | ||
Share price | $ 1 | ||
Proceeds from issuance of private placement | $ 5,411,000 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 17, 2021 | Sep. 15, 2021 | Jun. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 29, 2022 | |
Related Party Transaction [Line Items] | |||||||||
Number of common stock issued, value | $ 105,000,000 | ||||||||
Proceeds from issuance of debt | $ 190,101 | ||||||||
Related party transaction, description | On September 15, 2022, the Company entered into a Loan and Transfer Agreement between the Company, the Sponsor, and other parties (the “Lender”), pursuant to which the Lender loaned $1,050,000 to the Sponsor and the Sponsor loaned $1,050,000 to us (the “Sponsor Extension Loan”). Amounts loaned from the Lender to the Sponsor accrue interest at 8% per annum and amounts loaned from the Sponsor to us do not accrue interest. We are only required to repay the Sponsor Extension Loan upon completion of our initial Business Combination. The total amounts advanced by Lender to the Sponsor in connection with the $1,050,000 loan (the “Funded Amounts”) are required to be repaid, together with all accrued and unpaid interest thereon, within five days of the closing of our initial Business Combination, at the option of the Lender, in either (a) cash; or (b) shares of Class A common stock held by the Sponsor which are deemed to have a value of $10 per share for such repayment right. As additional consideration for the Lender making the Loan available to Sponsor, Sponsor agreed to transfer between 1 and 2.5 Shares of Class B common stock to Lender for each $10 multiple of the Funded Amounts, which included the registration rights previously provided by the Company to the Sponsor. Furthermore, the letter agreement with the Company’s initial stockholders contains a provision pursuant to which the Sponsor has agreed to waive its right to be repaid for such loans out of the funds held in the Trust Account in the event that the Company does not complete a Business Combination | ||||||||
Working capital loans outstanding | 0 | ||||||||
Proceeds from issuance of private placement | $ 5,411,000 | ||||||||
Working Capital Loans Warrant [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Warrants price per share | $ 1 | ||||||||
Promissory note [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Proceeds from Related Party Debt | $ 300,000 | ||||||||
Repayments of related party debt | $ 2,001,000 | ||||||||
Proceeds from issuance of debt | $ 190,101 | ||||||||
Notes Payable | $ 0 | ||||||||
Founder Shares [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Percentage for issued and outstanding shares | 20% | ||||||||
Private Placement Warrants [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Sale of Units through initial public offering, shares | 5,411,000 | ||||||||
Common stock exceeds stock price per share | $ 1 | ||||||||
Debt conversion, amount | 1,500,000 | ||||||||
Proceeds from issuance of private placement | $ 5,411,000 | ||||||||
Private Placement [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Proceeds from issuance of private placement | $ 2,100,000 | ||||||||
Private Placement [Member] | Sponssor Extension Loan [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Redemption price per share | $ 10.30 | $ 10.20 | |||||||
Maximum [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Common stock exceeds stock price per share | $ 12 | $ 12 | |||||||
Sponsor [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Repayments of related party debt | $ 90,000 | ||||||||
Payments for Rent | $ 10,000 | ||||||||
Founder Shares [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Stock Repurchased and Retired During Period, Shares | 250,000 | ||||||||
Founder Shares [Member] | Sponsor [Member] | Maximum [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Sale of Units through initial public offering, shares | 11,500,000 | ||||||||
Shares Issued, Shares, Share-Based Payment Arrangement, Forfeited | 375,000 | ||||||||
Founder Shares [Member] | Sponsor [Member] | Common Class B [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Number of common stock issued, value | $ 25,000 | ||||||||
Sale of Units through initial public offering, shares | 2,875,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 17, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | Jun. 30, 2022 | Sep. 30, 2022 | |
Proceeds from Issuance Initial Public Offering | $ 103,687,963 | ||||
Assets Held-in-trust | 108,528,879 | ||||
Initial retainer | $ 105,000,000 | ||||
United Gear Assembly Inc and Ocean Biomedical Inc [Member] | |||||
Payments on related party | $ 145,160 | ||||
Investor Relations Firm One [Member] | |||||
Monthly expense | $ 10,000 | ||||
Payments for business combination | 40,000 | ||||
Investor Relations Firm Two [Member] | |||||
Monthly expense | 8,000 | ||||
Payments for business combination | $ 12,000 | ||||
Over-Allotment Option [Member] | Common Class A [Member] | |||||
Stock issued, shares | 100,000 | ||||
IPO [Member] | |||||
Stock issued, shares | 10,500,000 | ||||
IPO [Member] | Common Class A [Member] | |||||
Stock issued, shares | 10,500,000 | ||||
Underwriters Agreement [Member] | |||||
Underwriting Commitments | The underwriters were paid a cash underwriting discount of one percent (1%) of the gross proceeds of the Initial Public Offering | ||||
Proceeds from Issuance Initial Public Offering | $ 1,050,000 | ||||
Under writing commision percentage | 3% | ||||
Assets Held-in-trust | $ 3,150,000 | ||||
Underwriters Agreement [Member] | Common Class A [Member] | |||||
Stock issued, shares | 100,000 | ||||
Underwriters Agreement [Member] | Over-Allotment Option [Member] | |||||
Stock issued, shares | 1,500,000 | ||||
Underwriters Agreement [Member] | IPO [Member] | |||||
Stock issued, shares | 500,000 | ||||
United Merger Agreement [Member] | |||||
Initial retainer | $ 35,000 | ||||
Payment of cash | 122,625 | ||||
Accounts payable | 37,914 | ||||
Accrued expense | 415,787 | ||||
Merger agreement [Member] | Nelson Mullins Riley Scarborough LLP [Member] | |||||
Payment of cash | 0 | ||||
Accounts payable | 81,048 | ||||
Accrued expense | $ 243,144 |
Stockholders_ Deficit (Details
Stockholders’ Deficit (Details Narrative) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 17, 2021 | Sep. 30, 2021 | Sep. 30, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||||
Preferred stock, shares authorized | 1,250,000 | 1,250,000 | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | ||
Preferred stock, shares issued | 0 | 0 | ||
Preferred stock, shares outstanding | 0 | 0 | ||
IPO [Member] | ||||
Class of Stock [Line Items] | ||||
Stock issued, shares | 10,500,000 | |||
Percentage of issued and outstanding shares | 20% | |||
Warrant [Member] | ||||
Class of Stock [Line Items] | ||||
Warrants and rights outstanding, term | 5 years | |||
Common Class A [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, shares authorized | 125,000,000 | 125,000,000 | ||
Common stock, par value | $ 0.0001 | $ 0.0001 | ||
Common stock, voting rights | Holders of Class A common stock are entitled to one vote for each share | |||
Common stock, shares issued | 100,000 | 100,000 | ||
Common stock, shares outstanding | 100,000 | 100,000 | ||
Temporary equity, shares outstanding | 10,500,000 | 10,500,000 | ||
Warrant issue price, per share | $ 0.01 | |||
Temporary equity, price per share | $ 10.34 | $ 10.20 | ||
Common Class A [Member] | Over-Allotment Option [Member] | ||||
Class of Stock [Line Items] | ||||
Stock issued, shares | 100,000 | |||
Common Class A [Member] | IPO [Member] | ||||
Class of Stock [Line Items] | ||||
Stock issued, shares | 10,500,000 | |||
Common Class A [Member] | Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, shares issued | 10,600,000 | |||
Common stock, shares outstanding | 10,600,000 | |||
Stock issued, shares | 10,500,000 | |||
Common Class A [Member] | Warrant [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, par value | $ 0.0001 | |||
Warrant issue price, per share | $ 11.50 | |||
Warrants, description | the Company issues additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined in good faith by the board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or its affiliates, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates the initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described below under “Redemption of warrants when the price per share of Class A common stock equals or exceeds $18.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price | |||
Temporary equity, price per share | $ 18 | |||
Common Class B [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, shares authorized | 12,500,000 | 12,500,000 | ||
Common stock, par value | $ 0.0001 | $ 0.0001 | ||
Common stock, voting rights | Holders of the Class B common stock are entitled to one vote for each common stock | |||
Common stock, shares issued | 2,625,000 | 2,625,000 | ||
Common stock, shares outstanding | 2,625,000 | 2,625,000 | ||
Sale of stock, description | Notwithstanding the foregoing, if the closing price of the shares of Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing 150 days after the initial Business Combination |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Ocean Biomedical Inc [Member] - Share Purchase Agreement [Member] - Subsequent Event [Member] $ in Millions | Oct. 04, 2022 USD ($) |
Subsequent Event [Line Items] | |
Equity line of credit redeem shares description | the Company and Ocean Biomedical entered into a Forward Share Purchase Agreement (the “Meteora Backstop Agreement”) with Meteora Special Opportunity Fund I, LP, Meteora Select Trading Opportunities Master, LP, and Meteora Capital Partners, LP (collectively, “Meteora”), and is incorporated herein by reference. Pursuant to the Meteora Backstop Agreement, Meteora has agreed to purchase up to 4,000,000 shares of AHAC Class A common stock in the open market at prices no higher than the redemption price, including from other AHAC stockholders that elected to redeem and subsequently revoked their prior elections to redeem their shares, following the expiration of AHAC’s redemption offer. AHAC has agreed to purchase those shares from Meteora on a forward basis. The purchase price payable by AHAC will be escrowed in the amount of the redemption price per share. The Meteora Backstop Agreement matures 3 years after the closing of the Merger. The maturity date may be accelerated by Meteora if (i) the shares of Class A common stock are delisted from a qualified exchange, (ii) the Meteora Backstop Agreement is terminated for any reason after the closing of the Transaction, or (iii) the volume weighted average price of the shares during 20 out of 30 consecutive trading days is less than $3 per share. At maturity, any remaining shares subject to the forward transaction will be finally purchased by AHAC at maturity for an additional $2.50 per share. During the term of the forward transaction, Meteora may elect to sell some or all of the shares subject to the forward transaction to third parties, after which those shares will no longer be subject to the forward transaction, and in such event Meteora will repay AHAC with a portion of the sale proceeds. If the forward transaction is terminated, except due to a material breach by Meteora, AHAC will be obligated to pay the counterparty a break-up fee equal to $1 million and certain fees and expenses |
Fees and expenses | $ 1 |