Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 185

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 2
Chunk 185
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 and interest due at maturity. We issued to Second Street Capital a warrant to purchase 312,500 shares of Legacy Ocean
common stock, with an exercise price of $11.00 per share, exercisable until February 22, 2026. For a period of 180 days from the closing
of our next financing, Second Street Capital has the right to put the warrants to the Company in exchange for a payment of $0.3 million.
We were originally required to repay the Second Street Loan on the earlier of (i) 5 business days after our next financing or (ii) November
18, 2022. We recognized as interest expense in Other income(expense) $0.3 million for the put option in the first quarter of 2022.

In
April 2022, we entered into a second the Second Street Loan 2 with Second Street Capital,
pursuant to which the Company borrowed $0.2 million. The Second Street Loan 2 accrues interest at the rate of 15% per annum, with
principal and interest due at maturity. We issued to Second Street Capital a warrant to purchase 62,500 shares of Legacy Ocean
common stock, with an exercise price of $11.00 per share, exercisable until February 22, 2026. There is no put option associated
with this loan. We were originally required to repay the Second Street Loan 2 on the earlier of (i) 5 business days after our next
financing or (ii) November 18, 2022. We recognized as interest expense in Other income(expense) $0.4 million in the second quarter of
2022 for the warrants issued based on the estimated fair value of the awards on the date of grant.

On
September 30, 2022, the Second Street Loan and Second Street Loan 2 were amended whereas the maturity dates were extended from
November 18, 2022 to December 30, 2022. We were required to repay the principal and accrued interest of the Second Street Loan and
Second Street Loan 2 the earlier of (i) 5 business days after our next financing or closing of the Business Combination or (ii)
December 30, 2022. In consideration of the extensions, we issued to Second Street Capital a warrant to purchase 75,000 shares of
Legacy Ocean common stock with an exercise price of $10.20 per share exercisable until September 30, 2026.