Company: OCEA
Filing Date: 2025-01-13
Form Type: 10-Q
Source: 0001493152-25-001880
Chunk: 221

Company: Ocean Biomedical, Inc.
Filing Date: 2025-01-13
Form: 10-Q
Item: Item 2
Chunk 221
---
 it relates to one of the Backstop Parties), which means that we need to assume that no cash will be returned to
us pursuant to any sales under the Backstop Agreement unless our common stock is trading above $8.00 and one or more of our Backstop
Parties are otherwise able to sell their shares. Based upon the level of funding that we receive from the foregoing sources, we will
determine the amount of accrued expenses and contingency payments that we will seek to have our vendors further defer and how much we
are able to spend on our operations. We have based these estimates on assumptions that may prove to be wrong, and we could utilize our
available capital resources sooner than we expect, in which case, we would need to raise more capital and sooner than expected. We cannot
guarantee that we will be able to draw down additional loans under the Ayrton Convertible Note Financing or raise additional capital
on reasonable terms or at all, that our common stock will trade above $8.00, permitting one of the Backstop Parties to sell shares under
the Backstop Agreement, that our common stock will trade above $10.34, permitting the other Backstop Parties to sell shares under the
Backstop Agreement, that the Backstop Parties will sell any shares of our common stock held by them or elect to terminate the Backstop
Agreement in respect of those shares, or that our vendors will agree to further deferrals of payments due to them. Although the Common
Stock Purchase Agreement provides that we have the right, but not the obligation to require White Lion to purchase, from time to time,
up to $75.0 million in aggregate gross purchase price of Equity Line Shares, we are not required or permitted to issue any shares of
our common stock under the Common Stock Purchase Agreement if such sale would result in White Lion owning more than 9.99% of our outstanding
shares of common stock.

Effective
October 4, 2023, the Company and White Lion entered into the first amendment of the Common Stock Purchase Agreement (the “Amendment”).
The Amendment is intended to afford the Company greater flexibility and provide the Company an additional alternative to issue a fixed
price “Purchase Notice” under the Common Stock Purchase Agreement at $7.00 per share if the market price for the Common Stock
exceeds $9.00 per share. In addition, on November 2, 2023, White Lion purchased 41,677 shares of the Company’s common stock