Company: OCEA
Filing Date: 2025-02-26
Form Type: 8-K
Source: 0001493152-25-008395
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Company: Ocean Biomedical, Inc.
Filing Date: 2025-02-26
Form: 8-K
Item: Item 5.03
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Item
5.03 Amendment to Certificate of Incorporation

On
February 20, 2025, Ocean Biomedical, Inc. filed an amendment to its Certificate of Incorporation to create a series of preferred stock
pursuant to a Certificate of Designation. On February 21, 2025, the Company entered into a securities purchase agreement for the purchase
of up to 45,000 shares of Series A redeemable convertible preferred stock in a private placement. Each share of Series A preferred stock
has a purchase price of $.01. Each share of Series A preferred stock is convertible into shares of the Company’s common stock at
an initial conversion price of $0.01 per share, at the option of the holder, at any time following the Company’s receipt of stockholder
approval for the reverse stock split proposal. The Company will be permitted to compel conversion of the Series A preferred stock after
the fulfillment of certain conditions and subject to certain limitations. The purchase of the Series A Preferred Stock was made pursuant
to a transaction exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended.

The
Series A preferred stock permits the holders thereof to vote together with the holders of the Company’s common stock on a proposal
to effect a reverse split of the issued and outstanding shares of the Company’s common stock at an annual or special meeting of
the Company’s stockholders. The Series A preferred stock permits the holder to cast 2,000 votes per share of Series A preferred
stock on such proposal. The Series A preferred stock will not be permitted to vote on any other matter. The holders of the Series A preferred
stock agreed not to transfer their shares of preferred stock until after the meeting of Company stockholders. The holders of the Series
A preferred stock agreed to vote their shares on such proposal in the same proportions as the shares of common stock. The holders of
the Series A preferred stock have the right to require the Company to redeem their shares of preferred stock for cash at the stated value
of such shares commencing after the earlier of the Company’s stockholders’ approval of the authorized share increase and
90 days after the closing of the issuance of the Series A preferred stock and until 120 days after such closing.

To
the extent Series A preferred stock is converted or otherwise not redeemed after 120 days from closing, the Company will use such net
proceeds from this offering for general corporate purposes.

The
Series A preferred stock