Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 2460

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 1
Chunk 2460
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Unless
otherwise noted or the context otherwise requires, the disclosures in this Item 1 refer to Ocean Biomedical, Inc. and its subsidiaries
following the consummation of the Business Combination and all references to “we,” “us,” “our,” “Ocean
Biomedical,” or the “Company,” are to Ocean Biomedical, Inc.

Introduction

We
were originally incorporated in June 2021 as a Delaware corporation under the name “Aesther Healthcare Acquisition Corp.”
We were a special purpose acquisition company, formed for the purpose of effecting an initial business combination with one or more target
companies. On September 17, 2021 (the “IPO Closing Date”), we consummated our initial public offering (the “IPO”
or the “Public Offering”). On February 14, 2023 (the “Closing Date”), we consummated the previously announced
Business Combination (as defined below) 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 the registrant, AHAC Merger Sub,
Inc., a Delaware corporation (“Merger Sub”), Aesther Healthcare Sponsor, LLC (the “Sponsor”), in its capacity
as purchaser representative, Ocean Biomedical Holdings, Inc., formerly known as Ocean Biomedical, Inc., a Delaware corporation (“Legacy
Ocean”), and Dr. Chirinjeev Kathuria, in his capacity as seller representative.

Pursuant
to the Business Combination Agreement, on the Closing Date, Merger Sub merged with and into Legacy Ocean, with Legacy Ocean continuing
as the surviving entity and a wholly-owned subsidiary of the Company. In connection with the closing of the Business Combination, we
changed our name from “Aesther Healthcare Acquisition Corp.” to “Ocean Biomedical, Inc.”

As
contemplated by the Business Combination Agreement, on the Closing Date, Merger Sub merged with and into Legacy Ocean, with Legacy Ocean
continuing as the surviving entity and a wholly-owned subsidiary of the registrant (the “Merger,” and, together with the
other transactions and ancillary agreements contemplated by the Business Combination Agreement, the “Business Combination”).
In connection with the closing of the Business Combination (the “Closing”), we changed our name from “Aesther Healthcare
Acquisition Corp.” to “Ocean Biomedical, Inc.” and Legacy Ocean