Company: OCEA
Filing Date: 2025-01-13
Form Type: 10-Q
Source: 0001493152-25-001880
Chunk: 57

Company: Ocean Biomedical, Inc.
Filing Date: 2025-01-13
Form: 10-Q
Item: Item 1
Chunk 57
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/2028

    Special Forces F9 warrant
     
    March 2023

    150,000

    $
    11.50

    Equity-classified

    3/7/2028

    Public Warrants
     
    (4)

    5,250,000

    $
    11.50

    Equity-classified

    2/14/2028

    Private Warrants
     
    (4)

    5,411,000

    $
    11.50

    Equity-classified

    2/14/2028

    SPA Warrant A (3)
     
    July
    2024

    552,141

    $
    1.50

    Liability-classified

    5/25/2028

    SPA Warrant B (3)
     
    July
    2024

    1,332,806

    $
    5.00

    Liability-classified

    5/25/2028

    13,935,001

    (1)
    Upon Closing, and as discussed
    in Note 3, Business Combination and Backstop Agreement, Second Street Capital’s warrants issued from Legacy Ocean in
    2022 were terminated in exchange for the Converted Ocean Warrants.

    (2)
    The Legacy Ocean warrant
    issued in February 2022 was issued with the right to put the warrant in exchange for a payment of $250,000. At the time of issuance,
    these warrants were recorded as a liability and as Second Street Capital had the intention to exercise the put option in the near-term,
    the Company determined that recording the liability at its fair value of $250,000 was appropriate.

    (3)
    For further detail on the
    SPA Warrant, refer to Note 7, Senior Secured Convertible Notes.

    (4)
    For further detail on the
    Public Warrants and Private Warrants, refer to the “Public and Private Warrants” discussion below.

    27

In
2022 and 2023, the Company entered into certain agreements with Second Street Capital, Special Forces F9, LLC (“Special Forces”),
and McKra for which it issued warrants exercisable to purchase the Company’s common stock. For each of the warrants issued, the
Company utilized the guidance within ASC 480, Distinguishing Liabilities from Equity�