Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 355

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 3
Chunk 355
---
 30 day vwap of a share of Company common stock as of
July 22, 2024), and (ii) payment of the remaining balance of $1.7 million in cash at the time of closing of the Company’s next
financing with net proceeds to the Company of more than $10 million either in a public offering or private transaction, or if such a
closing does not occur on or before September 30, 2024, in shares of restricted Common Stock of the Company (at a price per share
equal to the 30 day vwap of a share of Company common stock as of September 30, 2024). Since the Company did not close a financing
transaction with net proceeds to the Company of more than $10 million prior to September 30, 2024, the Company did not pay the
remaining balance of $1.7 million in cash.

Grants
and Exercises of Stock Options and Restricted Stock

None.

135

Purchases
of Equity Securities by the Issuer and Affiliated Purchasers

None.

ITEM
6. [RESERVED.]

ITEM
7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The
following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction
with our audited consolidated financial statements and the notes related thereto which follow Item 16 of this Annual Report on Form 10-K.
Certain information contained in the discussion and analysis set forth below includes forward-looking statements. Our actual results
may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those set forth
under “Cautionary Note Regarding Forward-Looking Statements,” “Item 1A. Risk Factors” and elsewhere in this Annual
Report on Form 10-K.

MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

On
February 14, 2023, the registrant consummated the previously announced business combination (the “Business Combination”)
pursuant to that certain Agreement and Plan of Merger, dated August 31, 2022, as amended on December 5, 2022 by Amendment No. 1 (as amended,
the “Business Combination Agreement”), by and among Ocean Biomedical, Inc., formerly known as Aesther Healthcare Acquisition
Corp. (the “Company”), AHAC Merger Sub, Inc., a Delaware corporation (“