Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 462

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 3
Chunk 462
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 after December 15, 2023, and interim periods within
fiscal years beginning after December 15, 2024. The Company has concluded that the impact of adopting ASU 2023-07 is not material to
its consolidated financial statements and related disclosures.

In
December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures to enhance the
transparency and decision usefulness of income tax disclosures. This standard is effective for the Company for fiscal years beginning
after December 15, 2024 and can be applied on a prospective or retrospective basis. The Company is currently evaluating the effect that
the adoption of this ASU may have on its consolidated financial statements.

    F-14

3.
Business Combination and Backstop Agreement

Business
Combination

On
February 14, 2023, the Company consummated its Business Combination pursuant to the terms of the Business Combination Agreement.

Upon
consummation of the Business Combination and other transactions (or immediately prior to, where indicated), the following occurred:

    ●
    AHAC
    changed its name from “Aesther Healthcare Acquisition Corp.” to “Ocean Biomedical, Inc.” and is referred
    to herein as “the Company.” Unless the context otherwise requires, references to “AHAC” herein refer to the
    Company prior to Closing.

    ●
    AHAC
    issued approximately 23,355,432 shares, with an aggregate value equal to $233.6 million, of AHAC’s Class A common stock to
    the holders of Legacy Ocean’s securities immediately prior to the Closing, in exchange for all of the issued and outstanding
    capital stock of Legacy Ocean. The aggregate value was adjusted as required by the Business Combination Agreement to take into account
    net working capital, closing net debt and Legacy Ocean transaction expenses.

    ●
    The
    2,625,000 shares of AHAC Class B common stock held by Aesther Healthcare Sponsor, LLC (the “Sponsor”) were converted
    on a one-for-one basis into shares of AHAC’s Class A common stock immediately prior to the Closing.

    ●
    The
    Backstop Parties (as defined below within Backstop Agreement) purchased 3,535,466 shares of AHAC’s Class A common stock
    prior to the Closing that are subject to the Backstop Agreement (these shares,