Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 2806

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 1
Chunk 2806
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, 2023, AHAC, Vellar and Legacy Ocean entered into an assignment and novation agreement with Meteora Special Opportunity Fund
I, LP, Meteora Select Trading Opportunities Master, LP and Meteora Capital Partners, LP (collectively “Meteora”) (the “Meteora
Agreement”), pursuant to which Vellar assigned its obligation to purchase 2,666,667 shares of the Company’s common stock
under the Backstop Agreement to Meteora. In addition, on February 13, 2023, AHAC, Vellar and Legacy Ocean entered into an assignment
and novation agreement with Polar Multi-Strategy Master Fund (“Polar” and, collectively with Vellar and Meteora, the “Backstop
Parties”) (the “Polar Agreement”), as amended on October 2, 2023, pursuant to which Vellar assigned its obligations
to 2,667,667 shares of common stock of the Company to be purchased under the Backstop Agreement to Polar.

Further,
the Backstop Agreement grants the Backstop Parties the right to purchase additional shares from the Company (the “Additional Shares”
and, together with the Recycled Shares (defined below), the “Backstop Shares”) up to an amount equal to the difference between
the number of Recycled Shares and the maximum number of shares of 8,000,000.

As
further discussed in Note 2, Basis of Presentation and Summary of Significant Accounting Policies, the Company agreed to purchase
the unsold portion of the Backstop Shares from the Backstop Parties on a forward basis upon the Maturity Date. The purchase price payable
by the Company includes a Prepayment from the proceeds released from the trust account related to those shares. Upon the Maturity Date,
the Company is obligated to pay the Backstop Parties an amount equal to the product of (i) the maximum number of shares of 8,000,000
less the number of Terminated Shares by (ii) $2.50, defined as the Maturity Consideration in the Backstop Agreement. The Company can
pay the Maturity Consideration in cash or shares of the Company’s common stock if certain conditions are met.

    F-16

On
February 14, 2023, (i) pursuant to the Backstop Agreement, the Backstop Parties purchased 3,535,466 shares of AHAC’s Class A common
stock for $10.56 per share (the “