Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 1388

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 9C
Chunk 1388
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 14, 2023, the Company consummated its Business Combination pursuant to the terms of the Business Combination Agreement.

Upon
consummation of the Business Combination and other transactions (or immediately prior to, where indicated), the following occurred:

    ●
    AHAC
    changed its name from “Aesther Healthcare Acquisition Corp.” to “Ocean Biomedical, Inc.” and is referred
    to herein as “the Company.” Unless the context otherwise requires, references to “AHAC” herein refer to the
    Company prior to Closing.

    ●
    AHAC
    issued approximately 23,355,432 shares, with an aggregate value equal to $233.6 million, of AHAC’s Class A common stock to
    the holders of Legacy Ocean’s securities immediately prior to the Closing, in exchange for all of the issued and outstanding
    capital stock of Legacy Ocean. The aggregate value was adjusted as required by the Business Combination Agreement to take into account
    net working capital, closing net debt and Legacy Ocean transaction expenses.

    ●
    The
    2,625,000 shares of AHAC Class B common stock held by Aesther Healthcare Sponsor, LLC (the “Sponsor”) were converted
    on a one-for-one basis into shares of AHAC’s Class A common stock immediately prior to the Closing.

    ●
    The
    Backstop Parties (as defined below within Backstop Agreement) purchased 3,535,466 shares of AHAC’s Class A common stock
    prior to the Closing that are subject to the Backstop Agreement (these shares, referred to as the “Recycled Shares,”
    and the “Backstop Agreement” are both further discussed and defined below).

    ●
    AHAC
    issued an additional 1,365,000 shares of Class A common stock to the Sponsor prior to the Closing in consideration for obtaining
    extensions beyond the September 2022 deadline to complete an initial business combination.

    ●
    The
    Backstop Parties purchased 1,200,000 shares of AHAC’s Class A common stock in the open market for an aggregate purchase price
    of $12.7 million prior to the Closing (the “Share Consideration Shares”).

    ●
    The
    Company issued to Second Street Capital, LLC (“Second Street Capital”), Legacy Ocean’s lender, three warrants (the
    “Converted Ocean Warrants”) exercisable to acquire that number of shares of the Company’s