Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 2422

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 1A
Chunk 2422
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 million as of
December 31, 2023 and 2024 within accounts payable and accrued expenses on the consolidated balance sheets.

    F-25

IPFS
Corporation v. Ocean Biomedical, Inc.

On
January 4, 2024, IPFS Corporation (“IPFS”) filed an action against the Company in the U.S. District Court for the
District of Delaware. IPFS claims amounts owed relating to financing provided to Aesther Healthcare Acquisition Corp for commercial
insurance premiums in 2022, after the August 31, 2022 Merger Agreement but prior to closing of the Business Combination. IPFS filed
a motion for a default judgment on February 16, 2024. Two default judgments have been entered in favor of IPFS; one entered April
19, 2024 related to the principal amount of $0.1
million and the other entered on May 21, 2024 related to costs and attorneys’ fees incurred in the amount of $0.03
million. Both judgments accrue interest until paid. The Company has concluded that a loss is probable and has recorded a liability
of $0.1
million as of December 31, 2023 and 2024 within accounts payable and accrued expenses on the consolidated balance sheets.

Entoro
Securities LLC v. Ocean Biomedical, Inc.

In
June 2024, Entoro Securities LLC (“Entoro”) filed an action against the Company in the Superior Court of Delaware. Entoro
claims that its subcontractor introduced the Company to Aesther Healthcare Acquisition Corp. and claims that the Company is obligated
to pay Entoro a finder’s fee as a result of the Business Combination. Entoro seeks a finder’s fee in the amount of $2 million
and 4,750,000 shares of the Company’s common stock. Discovery is underway. Based on the Company’s investigation to date,
the Company does not believe the allegations in the Complaint have merit. The Company has concluded at this time that a loss is not probable
nor reasonably estimable, as such no liability has been recorded as of December 31, 2023 and 2024.

Meteora
Special Opportunity Fund I, LP, et al. v. Ocean Biomedical, Inc.

On
May 22, 2024, Meteora Special Opportunity Fund I, LP, et al. (comprised of Meteora Special Opportunity Fund I, LP; Meteora