Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 330

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 2
Chunk 330
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 administrative expense on the
Company’s consolidated statements of operations. As of December 31, 2024, the warrant remains outstanding.

    F-34

SPA
Warrant

In
connection with the Ayrton Convertible Note Financing, the Company issued to an accredited investor a warrant exercisable for 552,141
shares of its common stock at an exercise price of $1.50, as well as a warrant exercisable for 1,332,806 shares of its common stock at
an exercise price of $5.00. Refer to Note 7, Senior Secured Convertible Notes, for further detail.

Public
and Private Warrants

The
Company has a total of 10,661,000 outstanding warrants to purchase one share of its common stock with an exercise price of $11.50 per
share. Of these warrants, 5,250,000 were originally issued in AHAC’s IPO (the “Public Warrants”) and 5,411,000 were
originally issued in a private placement in connection with the IPO (the “Private Warrants,” and together with the Public
Warrants, the “IPO Warrants”).

Each
whole IPO Warrant entitles the registered holder to purchase one share of common stock at a price of $11.50 per share, subject to adjustment
as discussed within the underlying agreements, at any time commencing 30 days after the completion of the Business Combination. However,
the IPO Warrants are not exercisable for cash unless the Company has an effective and current registration statement covering the shares
of common stock issuable upon exercise of the IPO Warrants.

The
Company may call the IPO Warrants for redemption, in whole and not in part, at a price of $0.01 per warrant:

    ●
    at
    any time after the warrants become exercisable;

    ●
    upon
    not less than 30 days’ prior written notice of redemption to each warrant holder;

    ●
    if,
    and only if, the reported last sale price of the shares of common stock equals or exceeds $18.00 per share (as adjusted for stock
    splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30-trading-day period commencing
    after the warrants become exercisable and ending on the third business day prior to the notice of redemption to warrant holders;
    and

    ●
    if,
    and only if,