Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 2747

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 1
Chunk 2747
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, and the representative’s
shares).

Up
to 375,000 founder shares held by our Sponsor are subject to forfeiture by our Sponsor depending on the extent to which the underwriters’
over-allotment option is exercised. The founder shares (including the Class A common stock issuable upon exercise thereof) may not, subject
to certain limited exceptions, be transferred, assigned or sold by the holder. The Sponsor agreed to cancel up to 375,000 of such shares
depending on the extent to which the underwriters’ over-allotment option in connection with our IPO was exercised. The underwriters’
exercised a portion (500,000 units) of the underwriters’ option to purchase up to an additional 1,500,000 units to cover over-allotments,
and such over-allotment option subsequently expired. As such, the Sponsor cancelled 250,000 of the Class B common stock originally issued
to the Sponsor on November 3, 2021.

Sponsor
Lock-Up Agreement

The
Sponsor and its members have agreed, subject to certain exceptions, not to transfer their 2,625,000 shares of common stock or securities
convertible into or exchangeable for shares of common stock ending on the earlier of (i) one year from the Closing, (ii) if the reported
last sale price of the common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, right issuances,
reorganizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Closing,
or (iii) the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction
that results in all of our stockholders having the right to exchange their shares of common stock for cash, securities or other property.

162

Private
Placement Warrants

Our
Sponsor purchased an aggregate of 5,411,000 placement warrants at a price of $1.00 per warrant for an aggregate purchase price of $5.4
million in connection with the IPO and the exercise by the underwriters of a portion of the over-allotment option. There will be no redemption
rights or liquidating distributions from the trust account with respect to the founder shares or placement warrants, which would have
expire worthless if we did not consummate a business combination within 12 months from the closing of the IPO or during any