Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 385

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 3
Chunk 385
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 exceed $3.0 million at the
time of each Additional Closing; (ii) the ratio of (a) the outstanding principal amount of the Notes, accrued and unpaid interest thereon
and accrued and unpaid late charges to (b) our average market capitalization over the prior ten trading days, not exceed 35%; and (iii)
at any time any Notes remain outstanding, with respect to any given calendar month (each, a “Current Calendar Month”) (x)
the available cash on the last calendar day in such Current Calendar Month shall be greater than or equal to the available cash on the
last calendar day of the month prior to such Current Calendar Month less $1.5 million.

148

On
May 25, 2023, we entered into Amendment No. 1 to Securities Purchase Agreement (the “SPA Amendment”). The SPA Amendment changed
two provisions in the SPA and amended and restated the Disclosure Schedules attached to the SPA.

The
SPA Amendment added the definition of “all the Registrable Securities” to Section 1(b)(ii)(3) of the SPA. “All the
Registrable Securities” means “100% of the sum of (i) the maximum number of Conversion Shares issuable upon conversion of
the Notes (assuming for purposes hereof that the Notes are convertible at the Floor Price (as defined in the Notes) as of such time of
determination, (y) interest on the Notes shall accrue through the first anniversary of the Initial Closing Date and will be converted
in shares of Common Stock at a conversion price equal to the Floor Price as of such time of determination and (z) any such conversion
shall not take into account any limitations on the conversion of the Notes set forth in the Notes), and (ii) the maximum number of Warrant
Shares initially issuable upon exercise of the Warrants (assuming the issuance of each of the Additional Notes issuable hereunder and
without taking into account any limitations on the exercise of the Warrants set forth therein).”

The
SPA Amendment also amended and restated Section 7(b)(xxii) of the SPA as follows: “No Equity Conditions Failure (as defined in
the Initial Notes) then exists (assuming for such purposes, as applicable, that such applicable Additional Closing shall have occurred
immediately prior to such time of determination).”

Components
of Our Results of Operations

Revenue

To
date, we have not generated any revenue from any sources, including from product sales, and