Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 2693

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 1
Chunk 2693
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20 per share exercisable until September
30, 2026. Legacy Ocean recognized a loss of $435,075 for the warrants issued based on the estimated fair value of the awards on the
date of the grant in Legacy Ocean’s consolidated financial statements for the period ended September 30, 2022. Legacy Ocean
recognized a total expense in the amount of $1.1 million of which $0.3 million was for the put option and $0.8 million was for the
warrants issued for the fiscal year ended December 31, 2022.

On
November 17, 2022, Legacy Ocean, Aesther and Second Street Capital entered into a Warrant Exchange Agreement, pursuant to which
Legacy Ocean and Aesther agreed as of the Closing of the Business Combination to issue warrants (the “Second Street Warrants”)
to Second Street Capital in exchange for warrants previously issued by Legacy Ocean to Second Street Capital. As of the Closing,
the Second Street Warrants consisted of two warrants for the number of shares of common stock equal to the economic value of the warrants
previously issued to Second Street Capital in exchange for the termination of such previously issued warrants. The Second Street
Warrants are exercisable for a total of 511,712 shares of the our common stock at an exercise price of $8.06 per share and 102,342 shares
of our common stock at an exercise price of $7.47 per share. These transactions were effected without registration under the Securities
Act in reliance on the exemption from registration provided under Section 4(a)(2) promulgated thereunder.

On
February 15, 2023, the Second Street Loan and Second Street Loan 2 were further amended whereas the maturity dates were extended from
February 15, 2023 to March 31, 2023. The Company is required to repay the principal and accrued interest of the Second Street Loan and
Second Street Loan 2 the earlier of (i) 5 business days after the Company’s next financing or closing of the Business Combination
or (ii) March 31, 2023. In consideration of the extension of the Second Street Loan, the Company paid a $50,000 extension fee and issued
to Second Street Capital a warrant to purchase 50,000 shares of the Company’s common stock with an exercise price of $10.34
per share exercisable until February 15, 2028. In consideration of the extension of the Second