Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 1156

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 7
Chunk 1156
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2, 2023, the Company entered into a Side Letter Agreement (the “Side Letter”) with Polar. The Side Letter amended
certain terms of the Polar Agreement. The Side Letter amended the definitions of “Seller VWAP Trigger Event” and “Reset
Price” as used in the Backstop Agreement as it relates to Polar and the Polar Agreement. Per the amended definitions, the (i) “Seller
VWAP Trigger Event” is an event that occurs if the VWAP price is below $2.50 per share for any 20 trading days during a 30 consecutive
trading day-period thereafter and (ii) the “Reset Price” is defined as $8.00. The Side Letter did not amend any terms of
the Backstop Agreement as it relates to the other Backstop Parties.

The
“Seller VWAP Trigger Event” for Polar occurred in October 2023 and the other Backstop Parties in November 2023. The Company
received written notice from Polar on November 6, 2023 acknowledging its right to designate any date as the Maturity Date from the date
of the notice to, and including, the third anniversary of the Business Combination. As of the date of this filing, two of the Backstop
Parties, Polar and Meteora, had not designated a Maturity Date. Refer to above in this footnote for further detail around the purported
Maturity Date for Vellar.

Common
Stock Purchase Agreement

The
Company is subject to the terms and conditions of (i) a common stock purchase agreement, dated September 7, 2022, and as amended on October
4, 2023 (the “Common Stock Purchase Agreement”) and (ii) a registration rights agreement, dated September 7, 2022 (the “White
Lion Registration Rights Agreement”), that AHAC entered into with White Lion Capital LLC (“White Lion”). Pursuant to
the Common Stock Purchase Agreement, the Company has the right from time to time at its option to sell to White Lion up to $75.0 million
in aggregate gross purchase price of newly issued shares of the Company’s common stock (the “Equity Line Shares”),
subject to certain limitations and conditions set forth in the Common Stock Purchase Agreement. These limitations stipulate, among other
things, that the Company may not sell, and White Lion may not purchase, shares of the Company common stock that would result in White
Lion owning more than 9.99% of