Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 366

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 3
Chunk 366
---
 Parties (as defined below) 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”);

    ●
    5,570,965
    shares of the Company’s Class A Common Stock were redeemed immediately prior to Closing of the Business Combination;

    ●
    the
    Company issued to Second Street Capital, Legacy Ocean’s lender, three (3) warrants for the number of shares of the Company’s
    common stock equal to the economic value of the Legacy Ocean warrants previously issued to Second Street in exchange for the termination
    of the Legacy Ocean warrants. The new warrants are exercisable for a total of 511,712 shares of the Company’s common stock
    at an exercise price of $8.06 per share and 102,342 shares of the Company’s common stock at an exercise price of $7.47 per
    share;

    ●
    the
    Company issued to Polar (as defined below) 1,350,000 newly issued shares of its common stock that are subject to the forward purchase
    provisions of the Backstop Agreement; and

    ●
    all
    shares of the Company’s Class A common stock were reclassified as common stock pursuant to the Amended Certificate.

In
addition, pursuant to Business Combination Agreement, the holders of Legacy Ocean’s common stock shall be entitled to receive from
the Company, in the aggregate, up to an additional 19,000,000 shares of the Company’s common stock (the “Earnout Shares”)
as follows: (a) in the event that the volume-weighted average price (the “VWAP”) of the Company’s common stock exceeds
$15.00 per share for twenty (20) out of any thirty (30) consecutive trading days beginning on the Closing Date until the 36-month anniversary
of the Closing Date, the holders of Legacy Ocean securities pre-Closing shall be entitled to receive an additional 5,000,000 shares of
the Company’s common stock, (b) in the event that the VWAP of the Company’s common stock exceeds $17.50 per share for twenty
(20) out of any thirty (30) consecutive trading days beginning on the Closing Date until the 36-month anniversary of the Closing Date,
the holders of Legacy Ocean’s securities pre-Closing shall be entitled