Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 1799

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 12
Chunk 1799
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 promulgated thereunder.

In
connection with the Closing of the Business Combination, on February 14, 2023, the Company, Legacy Ocean and Polar entered into a subscription
agreement in which Polar agreed to purchase 1,350,000 newly-issued shares of our Common Stock at a per share purchase price of $10.56
and an aggregate purchase price of $14.3 million (the “Polar Subscription”). The Polar Subscription was the method by which
Polar exercised its right to purchase “Additional Shares” pursuant to the Backstop Agreement to which Polar acquired a portion
of the rights from Vellar pursuant to the Polar Agreement. The shares acquired by Polar as part of the Polar Subscription are subject
to the restrictions for “Additional Shares” set forth in the Backstop Agreement. 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.

179

In
connection with the Closing of the Business Combination, on February 14, 2023, the registrant issued to Sponsor 1,365,000 shares of Aesther’s
Class A common stock in connection with Sponsor obtaining two (2) three-month extensions beyond the September 16, 2022 deadline to complete
an initial business combination. Such shares were reclassified as Ocean Biomedical Common Stock in connection with the Business Combination
pursuant to the Amended Certificate. 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
connection with the Loan Modification Agreement, on March 22, 2023, we issued to NPIC Limited 50,000 shares of our Common Stock in exchange
for the extension of the maturity date of the loan made pursuant to the Loan and Transfer Agreement between the registrant, the Sponsor
and NPIC Limited dated December 13, 2022. 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
connection with the Loan Modification Agreement, on April 19, 2023, we issued to NPIC Limited an additional 50,000 shares of our Common
Stock in exchange for the extension of the maturity date of the loan made pursuant to the Loan and Transfer Agreement between the registrant,
the Sponsor and NPIC Limited dated December