Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 1887

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 13
Chunk 1887
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. IPFS filed
a motion for a default judgment on February 16, 2024. Two default judgments have been entered in favor of IPFS; one entered April
19, 2024 related to the principal amount of $0.1
million and the other entered on May 21, 2024 related to costs and attorneys’ fees incurred in the amount of $0.03
million. Both judgments accrue interest until paid. The Company has concluded that a loss is probable and has recorded a liability
of $0.1
million as of December 31, 2023 and 2024 within accounts payable and accrued expenses on the consolidated balance sheets.

Entoro
Securities LLC v. Ocean Biomedical, Inc.

In
June 2024, Entoro Securities LLC (“Entoro”) filed an action against the Company in 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 Plaint