Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 504

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 3
Chunk 504
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 AHAC’s IPO (the “Public Warrants”) and 5,411,000 were
originally issued in a private placement in connection with the IPO (the “Private Warrants,” and together with the Public
Warrants, the “IPO Warrants”).

Each
whole IPO Warrant entitles the registered holder to purchase one share of common stock at a price of $11.50 per share, subject to adjustment
as discussed within the underlying agreements, at any time commencing 30 days after the completion of the Business Combination. However,
the IPO Warrants are not exercisable for cash unless the Company has an effective and current registration statement covering the shares
of common stock issuable upon exercise of the IPO Warrants.

The
Company may call the IPO Warrants for redemption, in whole and not in part, at a price of $0.01 per warrant:

    ●
    at
    any time after the warrants become exercisable;

    ●
    upon
    not less than 30 days’ prior written notice of redemption to each warrant holder;

    ●
    if,
    and only if, the reported last sale price of the shares of common stock equals or exceeds $18.00 per share (as adjusted for stock
    splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30-trading-day period commencing
    after the warrants become exercisable and ending on the third business day prior to the notice of redemption to warrant holders;
    and

    ●
    if,
    and only if, there is a current registration statement in effect with respect to the shares of common stock underlying such warrants.

The
right to exercise will be forfeited unless the IPO Warrants are exercised prior to the date specified in the notice of redemption. On
and after the redemption date, a record holder of an IPO Warrant will have no further rights except to receive the redemption price for
such holder’s warrant upon surrender of such warrant. If the Company calls the IPO Warrants for redemption as described above,
its management will have the option to require all holders that wish to exercise warrants to do so on a “cashless basis.”
In such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of the Company’s
common stock equal to the quotient obtained by dividing (x) the product of the number of shares of common stock underlying the warrants,
multiplied by the difference between the exercise price