Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 2288

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 1A
Chunk 2288
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 of the Business Combination to issue warrants (the “Second Street Warrants”)
to Second Street Capital in exchange for warrants previously issued by Legacy Ocean to Second Street Capital. As of the Closing,
the Second Street Warrants consisted of two warrants for the number of shares of common stock equal to the economic value of the warrants
previously issued to Second Street Capital in exchange for the termination of such previously issued warrants. The Second Street
Warrants are exercisable for a total of 511,712 shares of the our common stock at an exercise price of $8.06 per share and 102,342 shares
of our common stock at an exercise price of $7.47 per share. These transactions were effected without registration under the Securities
Act in reliance on the exemption from registration provided under Section 4(a)(2) promulgated thereunder.

On
February 15, 2023, the Second Street Loan and Second Street Loan 2 were further amended whereas the maturity dates were extended from
February 15, 2023 to March 31, 2023. The Company is 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 the Company’s next financing or closing of the Business Combination
or (ii) March 31, 2023. In consideration of the extension of the Second Street Loan, the Company paid a $50,000 extension fee and issued
to Second Street Capital a warrant to purchase 50,000 shares of the Company’s common stock with an exercise price of $10.34
per share exercisable until February 15, 2028. In consideration of the extension of the Second Street Loan 2, the Company paid a $25,000
extension fee and issued to Second Street Capital a warrant to purchase 25,000 shares of the Company’s common stock with an
exercise price of $10.34 per share exercisable until February 15, 2028. The Company recognized a loss on extinguishment of debt of $0.1
million for the shares issued and an expense for the fair value of the warrants issued of $0.1 million in its consolidated financial
statements for the fiscal year ended December 31, 2023. These transactions were effected without registration under the Securities Act
in reliance on the exemption from registration provided under Section 4(a)(2) promulgated thereunder.

In
2024, the Company entered into a