Company: OCEA
Filing Date: 2025-01-13
Form Type: 10-Q
Source: 0001493152-25-001880
Chunk: 176

Company: Ocean Biomedical, Inc.
Filing Date: 2025-01-13
Form: 10-Q
Item: Item 8
Chunk 176
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 connection with the Closing, the Company changed its name from “Aesther Healthcare
Acquisition Corp.” to “Ocean Biomedical, Inc.”

In
connection with the Closing (or immediately prior to, where indicated), among other things:

    ●
    We became a SEC-registrant
    and our common stock and public warrants commenced trading on the Nasdaq Stock Market on February 15, 2023 under the symbols “OCEA”
    and “OCEAW,” respectively.

    ●
    We issued to the holders
    of Legacy Ocean’s securities as of immediately prior to the Closing approximately 23,355,432 shares of the Company’s
    Class A common stock (with a per-share value of $10.00) with an aggregate value equal to $233.6 million, as adjusted as required
    by the Business Combination Agreement to take into account net working capital, closing net debt and Legacy Ocean’s transaction
    expenses, in exchange for all of the issued and outstanding capital stock of Legacy Ocean.

    ●
    Holders of 5,570,965 shares
    of the Company’s Class A common stock elected to redeem their shares immediately prior to Closing of the Business Combination
    for a full pro rata portion of the trust account holding the proceeds from AHAC’s IPO.

37

    ●
    2,625,000 shares of AHAC’s
    Class B common stock held by the Sponsor were converted on a one-for-one basis into 2,625,000 shares of AHAC’s Class A common
    stock immediately prior to the Closing.

    ●
    AHAC issued an additional
    1,365,000 shares of the Company’s Class A common stock prior to the Closing in consideration for the Sponsor obtaining extensions
    beyond the September 16, 2022 deadline to complete an initial business combination.

    ●
    The Backstop Parties purchased
    3,535,466 shares of the Company’s Class A common stock prior to the closing that were not redeemed and are subject to the forward
    purchase provisions of the Backstop Agreement (the “Recycled Shares”).

    ●
    The Backstop Parties purchased
    an additional 1,200,000 shares of the Company’s Class A common stock prior to the Closing that were not redeemed (the “Share
    Consideration Shares”).

    ●
    We issued three warrants
    to Second Street Capital exercisable to acquire that number of shares