Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 2732

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 1
Chunk 2732
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.50 per share of Common Stock, subject to adjustment, exercisable immediately and expiring five years from the date of issuance
(the “Ayrton Warrant”), which is subject to customary closing conditions, on May 25, 2023.We have up to an additional $7.7
million under the amended Ayrton financing from July 2024. We intend to obtain further equity financing as soon as our financials are
fully current.

Each
Public Warrant and each Private Placement Warrant entitle the holder thereof to purchase one share of our Common Stock at a price of
$11.50 per share. The Second Street Warrants are exercisable for 511,712 shares of Common Stock at an exercise price of $8.06 per share,
102,342 shares of our common stock at an exercise price of $7.47 per share, 275,000 shares of our common stock at an exercise price of
$10.34 per share, and 150,000 shares of our common stock at an exercise price of $11.50 per share. The McKra Warrant (as defined below)
is exercisable for 200,000 shares of our common stock at an exercise price of $10.34 per share. The Special Forces Warrant (as defined
below) is exercisable for 150,000 shares of our common stock at an exercise price of $11.50 per share. The warrant issued to the Investor
pursuant to the Ayrton Convertible Note Financing is initially exercise able for 552,141 shares of our common stock at an initial exercise
price of $11.50 per share, subject to adjustment. On June 15, 2023, the closing price for our common stock was $5.17. If the price of
our common stock remains below the exercise price of the Warrants, warrant holders will be unlikely to exercise their Warrants for cash,
resulting in little or no cash proceeds to us from such exercises. We expect to use any proceeds from the exercise of the Warrants for
general corporate and working capital purposes, which would increase our liquidity. As described above, in order to fund planned operations
while meeting obligations as they come due, we will need to secure additional debt or equity financing if substantial cash proceeds from
the exercise of the Warrants are not received. Furthermore, to the extent that warrants are exercised on a “cashless basis,”
the amount of cash we would receive from the exercise of