Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 180

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 2
Chunk 180
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 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 settlement agreement with Second Street Capital and McKra Investments III with regard to the full
amount of $2.7 million in aggregate principal amount of promissory notes due, plus accrued and unpaid interest and fees. The Company
will satisfy payment of past due loan fees by the issuance of 225,000 shares of restricted common stock. The Company will also
satisfy the amount due for the principal amount of the notes and accrued and unpaid interest through (i) the issuance of $1.7
million worth of restricted common stock (at a price per share equal to the 30 day vwap of a share of Company common stock as of
July 22, 2024), and (ii) payment of the remaining balance of $1.7 million in cash at the time of closing of the Company’s next
financing with net proceeds to the Company of more than $10 million either in a public offering or private transaction, or if such a
closing does not occur on or before September 30, 2024, in shares of restricted Common Stock of the Company (at a price per share
equal to the 30 day vwap of a share of Company common stock as of September 30, 2024). Since the Company did not close a financing
transaction with net proceeds to the Company of more than $10 million prior to September 30, 2024, the Company did not pay the
remaining balance of $1.7 million in cash.

Grants
and Exercises of Stock Options and Restricted Stock

None.

135

Purchases
of Equity Securities by the Issuer and Affiliated Purchasers

None.

ITEM
6. [RESERVED.]

ITEM
7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The
following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction
with our audited consolidated financial statements and the notes related thereto which follow Item 16 of this Annual Report on Form 10-K.
Certain information contained in the discussion and analysis set forth below includes forward-looking statements. Our actual results
may differ materially from those anticipated