Company: OCEA
Filing Date: 2025-01-13
Form Type: 10-Q
Source: 0001493152-25-001880
Chunk: 212

Company: Ocean Biomedical, Inc.
Filing Date: 2025-01-13
Form: 10-Q
Item: Item 2
Chunk 212
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Impacts
Market Conditions on Our Business

Disruption
of global financial markets and a recession or market correction, the ongoing military conflict between Russia and Ukraine and the related
sanctions imposed against Russia, and other global macroeconomic factors such as inflation, could reduce the Company’s ability
to access capital, which could in the future negatively affect our liquidity and could materially affect our business and the value of
its common stock.

Business
Combination Agreement with Aesther Healthcare Acquisition Corp.

Closing
of Business Combination

On
February 14, 2023, we consummated our previously announced Business Combination pursuant to the Business Combination Agreement, at which
time AHAC Merger Sub Inc., a wholly-owned subsidiary of AHAC, merged with and into Legacy Ocean, with Legacy Ocean surviving the merger
as a wholly-owned subsidiary of the Company. In 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