Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 289

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 2
Chunk 289
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 AHAC’s Class A common stock to
    the holders of Legacy Ocean’s securities immediately prior to the Closing, in exchange for all of the issued and outstanding
    capital stock of Legacy Ocean. The aggregate value was adjusted as required by the Business Combination Agreement to take into account
    net working capital, closing net debt and Legacy Ocean transaction expenses.

    ●
    The
    2,625,000 shares of AHAC Class B common stock held by Aesther Healthcare Sponsor, LLC (the “Sponsor”) were converted
    on a one-for-one basis into shares of AHAC’s Class A common stock immediately prior to the Closing.

    ●
    The
    Backstop Parties (as defined below within Backstop Agreement) purchased 3,535,466 shares of AHAC’s Class A common stock
    prior to the Closing that are subject to the Backstop Agreement (these shares, referred to as the “Recycled Shares,”
    and the “Backstop Agreement” are both further discussed and defined below).

    ●
    AHAC
    issued an additional 1,365,000 shares of Class A common stock to the Sponsor prior to the Closing in consideration for obtaining
    extensions beyond the September 2022 deadline to complete an initial business combination.

    ●
    The
    Backstop Parties purchased 1,200,000 shares of AHAC’s Class A common stock in the open market for an aggregate purchase price
    of $12.7 million prior to the Closing (the “Share Consideration Shares”).

    ●
    The
    Company issued to Second Street Capital, LLC (“Second Street Capital”), Legacy Ocean’s lender, three warrants (the
    “Converted Ocean Warrants”) exercisable to acquire that number of shares of the Company’s common stock equal to
    the economic value of the Legacy Ocean warrants previously issued to Second Street Capital in exchange for the termination of the
    Legacy Ocean warrants. The Converted Ocean Warrants are exercisable for a total of 511,712 shares of the Company’s common stock
    at an exercise price of $8.06 per share and 102,342 shares of the Company’s common stock at an exercise price of $7.47 per
    share.

    ●
    The
    Company issued to Polar (as defined below within Backstop Agreement) 1,350,000 newly issued shares of its common stock that
    are subject to the forward purchase provisions of the Backstop Agreement.