Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 408

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 3
Chunk 408
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 of the common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, right issuances,
reorganizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Closing,
or (iii) the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction
that results in all of our stockholders having the right to exchange their shares of common stock for cash, securities or other property.

162

Private
Placement Warrants

Our
Sponsor purchased an aggregate of 5,411,000 placement warrants at a price of $1.00 per warrant for an aggregate purchase price of $5.4
million in connection with the IPO and the exercise by the underwriters of a portion of the over-allotment option. There will be no redemption
rights or liquidating distributions from the trust account with respect to the founder shares or placement warrants, which would have
expire worthless if we did not consummate a business combination within 12 months from the closing of the IPO or during any extension
period. The private placement warrants are identical to the warrants sold in the IPO except that the private placement warrants, so long
as they are held by our Sponsor, the underwriters or their permitted transferees, (i) may not (including the shares of Class A common
stock issuable upon exercise of these warrants), subject to certain limited exceptions, be transferred, assigned or sold by the holders
until 30 days after the completion of our initial business combination, and (ii) will be entitled to registration rights. The private
placement warrants (including the shares of Class A common stock issuable upon exercise thereof) may not, subject to certain limited
exceptions, be transferred, assigned or sold by the holder.

Office
Space and Related Support Services

Commencing
on the date of the IPO and ending upon consummation of the Business Combination, we agreed to pay our Sponsor $10,000 per month for office
space and administrative and support services pursuant to an administrative support agreement entered into with our Sponsor. A total
of $155,000 had been paid as of December 31, 2023.

Sponsor
IPO Loan

Prior
to the closing of the IPO, our Sponsor agreed to loan us up to $0.3 million to be used for a portion of the expenses of the IPO. These
loans were non