Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 2950

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 8
Chunk 2950
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 the Superior Court of Delaware. Entoro
claims that its subcontractor introduced the Company to Aesther Healthcare Acquisition Corp. and claims that the Company is obligated
to pay Entoro a finder’s fee as a result of the Business Combination. Entoro seeks a finder’s fee in the amount of $2 million
and 4,750,000 shares of the Company’s common stock. Discovery is underway. Based on the Company’s investigation to date,
the Company does not believe the allegations in the Complaint have merit. The Company has concluded at this time that a loss is not probable
nor reasonably estimable, as such no liability has been recorded as of December 31, 2023 and 2024.

Meteora
Special Opportunity Fund I, LP, et al. v. Ocean Biomedical, Inc.

On
May 22, 2024, Meteora Special Opportunity Fund I, LP, et al. (comprised of Meteora Special Opportunity Fund I, LP; Meteora Capital Partners,
LP; and Meteora Select Trading Opportunities Master, LP, together “the Plaintiffs”), filed an action against the Company
in the Supreme Court of the State of New York, New York County. The Plaintiffs claim that the Seller VWAP Triggering Event related to
the Backstop Agreement as described in Note 2, Basis of Presentation and Summary of Significant Accounting Policies and Note 3,
Business Combination and Backstop Agreement, occurred on November 3, 2023 when the Company’s stock price traded below $4.00
per share for 30 of the preceding 45 trading
days. The Plaintiffs set a Maturity Date for February 2024, at which time the Plaintiffs allege the entire Maturity Consideration became
due and owed to the Plaintiffs in the amount of $6.3
million. The Company filed its opposition to
the motion on September 6, 2024 and cross-moved for an extension of its time to answer or otherwise respond to the Complaint. Discussions
with the Plaintiffs and the Court are on-going. The Company has concluded at this time that a loss is not probable nor reasonably estimable,
as such no liability has been recorded as of December 31, 2023 and 2024.

Leases

As
of December 31, 2023 and 2024, the Company is not a party to any leasing agreements.

License
Fees

The
Company has entered into license agreements