Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 697

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 5
Chunk 697
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Market
Information

The
Company’s public shares and public warrants began trading on Nasdaq under the symbols “OCEA” and “OCEAW,”
respectively. The Company’s publicly traded units automatically separated into their component securities upon the closing of the
Business Combination, and as a result, no longer trade as a separate security.

Holders

As
of December 31, 2024, there were approximately 60 holders of record of our common stock. These numbers of holders of record do not include
a substantially greater number of “street name” holders or beneficial holders whose common stock and public warrants are
held of record by banks, brokers and other financial institutions.

Dividends

We
have not paid any cash dividends on our common stock to date and do not intend to pay cash dividends in the future. The payment of cash
dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition.
The payment of any cash dividends will be within the discretion of our board of directors. Our board of directors is not currently contemplating
and does not anticipate declaring any stock dividends in the foreseeable future.

Recent
Sales of Unregistered Securities

Set
forth below is information regarding securities issued by Aesther and Legacy Ocean in 2022 that were not registered under the Securities
Act. No underwriters were involved in the sales and the certificates representing the securities sold and issued contain legends restricting
transfer of the securities without registration under the Securities Act or an applicable exemption from registration.

Issuances
of Capital Stock

In
connection with the Closing of the Business Combination, on February 14, 2023, Aesther issued to Sponsor 1,365,000 shares of the Company’s
Class A common stock in connection with Sponsor obtaining two (2) three-month extensions beyond the September 16, 2022 deadline to complete
an initial business combination. Such shares were reclassified as Ocean Biomedical common stock in connection with the Business Combination
pursuant to the Amended Certificate. These securities were issued pursuant to Section 4(a)(2) of the Securities Act.

Issuance
of Warrants

On
February 22, 2022, Legacy Ocean entered into a Loan Agreement (the “Second Street Loan”) with Second Street Capital, LLC
(“Second Street Capital”), where Legacy Ocean borrowed $0.6 million, which was used to pay a $15,000 loan fee and
certain accrued