Company: OCEA
Filing Date: 2025-01-13
Form Type: 10-Q
Source: 0001493152-25-001880
Chunk: 76

Company: Ocean Biomedical, Inc.
Filing Date: 2025-01-13
Form: 10-Q
Item: Item 1
Chunk 76
---
 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 an additional
    1,365,000 shares of the Company’s Class A common stock prior to the Closing in consideration for the Sponsor obtaining extensions
    beyond the September 16, 2022 deadline to complete an initial business combination.

    ●
    The Backstop Parties 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”).

    ●
    The Backstop Parties purchased
    an additional 1,200,000 shares of the Company’s Class A common stock prior to the Closing that were not redeemed (the “Share
    Consideration Shares”).

    ●
    We issued three warrants
    to Second Street Capital exercisable to acquire that number of shares of our common stock equal to the economic value of the Legacy
    Ocean warrants previously issued to Second Street Capital in exchange for the termination of the Legacy Ocean warrants. The new warrants
    are exercisable for a total of 511,712 shares of our common stock at an exercise price of $8.06 per share and 102,342 shares of our
    common stock at an exercise price of $7.47 per share.

    ●
    We issued to Polar 1,350,000
    newly issued shares of our common stock that are subject to the forward purchase provisions of the Backstop Agreement.

    ●
    On February 15, 2023, one