Health SPAC Buys EV Gear Maker as Blank Checks Race for Deals

A blank-check company that set its sights on buying a business in health care is taking on an industrial firm instead as empty-handed SPACs try to beat deadlines that would force them to shut down.

Aesther Healthcare Acquisition Corp. agreed to acquire United Gear & Assembly Inc., a maker of high precision gears for electric vehicles, effectively taking it public. Aesther, a special-purpose acquisition company, initially told investors last July it planned to buy a pharmaceutical or medical device firm, industries where its management team “has extensive experience,” according to its prospectus.

The altered focus comes amid a ...