Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 186

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 2
Chunk 186
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 In September 2022, we
recognized as interest expense in other income(expense) $0.4 million for the warrants issued based on the estimated fair value of
the awards on the date of grant.

On
December 30, 2022, the Second Street Loan and the Second Street Loan 2 were further amended to extend the maturity dates to February
15, 2023. No additional warrants were issued to Second Street Capital in connection with the extensions. We were required to repay the
Second Street Loan and the Second Street Loan 2 on the earlier of (i) 5 business days after our next financing or (ii) February 15, 2023.

We
recognized a total expense in the amount of $1.1 million as interest expense in other income(expense) for the fiscal year ended December
31, 2022 for the put option and warrants issued to Second Street Capital of which $0.3 million was for the put option and $0.8 million
was for the warrants issued for the year ended December 31, 2022. The warrants issued to Second Street Capital were converted into warrants
to purchase our common stock, post-closing of the Business Combination, as described below under “Closing of Business Combination.”

On
January 10, 2023, the Second Street Loan 2 was further amended whereas increasing the loan amount from $0.2 million to $0.4 million.
A loan fee of $15,000 and a minimum return assessment fee of $35,000 were charged and paid from the $0.2 million loan advance for net
proceeds of $0.2 million. We were originally required to repay the principal and accrued interest of the Second Street Loan 2 the earlier
of (i) 5 business days after our next financing or closing of the Business Combination or (ii) February 15, 2023.

138

Effective
February 15, 2023, the Second Street Loan and Second Street Loan 2 were further amended whereas the maturity dates were extended from
February 15, 2023 to March 31, 2023. We were required to repay the principal and accrued interest of the Second Street Loan and Second
Street Loan 2 the earlier of (i) 5 business days after our next financing or (ii) March 31, 2023. In consideration of the extensions,
we issued to Second Street Capital a warrant to purchase 75,000 shares of our