Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 538

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 4
Chunk 538
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 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, the Company changed its name from “Aesther
Healthcare Acquisition Corp.” to “Ocean Biomedical, Inc.” and Legacy Ocean changed its name from “Ocean Biomedical,
Inc.” to “Ocean Biomedical Holdings, Inc.”

On
the Closing Date, in connection with the Closing:

    ●
    the
    Company issued to the holders of Legacy Ocean’s securities as of immediately prior to the Closing approximately 23,355,432
    shares of the Company’s Class A common stock (with a per-share value of $10.00) with an aggregate value equal to $233.6 million,
    as adjusted as required by the Business Combination Agreement to take into account net working capital, closing net debt and Legacy
    Ocean’s transaction expenses, in exchange for all of the issued and outstanding capital stock of Legacy Ocean;

    ●
    Aesther
    Healthcare Sponsor, LLC.’s (the “Sponsor”) 2,625,000 shares of the Company’s Class B common stock converted
    on a one-for-one basis into 2,625,000 shares of the Company’s Class A common stock pursuant to the Company’s Third Amended
    and Restated Certificate of Incorporation (the “Amended Certificate”);

    ●
    the
    Company issued to the Sponsor 1,365,000 additional shares of the Company’s Class A common stock in connection with the Sponsor
    obtaining two (2) three-month extensions beyond the September 16, 2022 deadline to complete an initial business combination (the
    “Sponsor Extension Shares”);

140

    ●
    the
    Backstop Parties (as defined below) purchased 1,200,000 shares of the Company’s Class A common stock prior to the closing that
    were not redeemed (the “Share Consideration Shares”);

    ●
    the
    Backstop Parties (as defined below) purchased 3,535,466 shares of the Company’s Class A common stock prior to the closing that
    were not redeemed and are subject to the forward purchase provisions of the Backstop Agreement (the “Recycled Shares”);

    ●
    5,570,965
    shares of the Company’s Class A Common Stock were redeemed immediately prior to Closing of the Business Combination;

    ●
    the
    Company