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biomedical ocean (NASDAQ: OCEAN) shares fell 23% following its merger with SPAC Aesther Healthcare Acquisition Corp (AHEA).
Ocean Biomedical shares opened at $9.92, hitting an early high of $10.80 before falling to a low of $7.60. the bag recently it changed hands at $7.62 at approximately 1:30 pm ET. The stock closed at $9.96 on Tuesday, the last session before the merger closed.
Ocean Biomedical specializes in developing scientific advances made by scientists and physicians at medical centers and research universities. The company has focused on treatments for cancer, pulmonary fibrosis and malaria.
Aesther and Ocean Biomedical announced plans to merge in August through an agreement that estimated the enterprise value of the combined company at around $345 million.
