Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 201

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 2
Chunk 201
---
 equal 93% of the lowest daily volume-weighted average price of the Company’s
common stock during a period of two consecutive trading days following the applicable Notice Date. However, if during such two-trading
day period the trading price of the Company’s common stock falls below a price (the “Threshold Price”) equal to 90%
of the opening trading price of the common stock on Nasdaq on the Notice Date, then the number of shares to be purchased by White Lion
pursuant to such notice will be reduced proportionately based on the portion of the two-trading day period that has elapsed, and the
purchase price will equal 95% of the Threshold Price.

In
consideration for the commitments of White Lion to purchase the Equity Line Shares under the Common Stock Purchase Agreement, the Common
Stock Purchase Agreement required us to issue to White Lion shares of Common Stock having a value of $0.8 million based upon the closing
sale price two trading days prior to the filing of an initial registration statement. Effective as of April 18, 2023, the Company and
White Lion entered into a Consent Agreement pursuant to which the Company agreed to issue to White Lion, and White Lion agreed to accept
from the Company, 75,000 Initial Commitment Shares in lieu of the shares to be issued to White Lion based on the closing sale price.
The 75,000 Initial Commitment Shares had a fair value of $0.5 million upon issuance. The $0.5 million in commitment costs was recorded
in other income/(expense) in the Company’s consolidated statements of operations for the fiscal year ended December 31, 2023.

Effective
October 4, 2023, the Company and White Lion entered into the first amendment of the Common Stock Purchase Agreement (the “Amendment”).
On November 2, 2023, White Lion purchased 41,677 shares of the Company’s common stock under the Common Stock Purchase Agreement
for which the Company received approximately $64 thousand. This facility is now deemed terminated.

License
Agreements

Elkurt/Brown
License Agreements

On
July 31, 2020, we entered into four separate Exclusive License Agreements (the “Initial Brown License Agreements”) with Elkurt,
Inc.(“Elkurt”), a licensee of Brown University. On March 21, 2021, we and Elkurt amended each of the Initial Brown License
Agreements. Elkurt is a company formed by our