Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 701

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 5
Chunk 701
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 close a financing
transaction with net proceeds to the Company of more than $10 million prior to September 30, 2024, the Company did not pay the
remaining balance of $1.7 million in cash.

Grants
and Exercises of Stock Options and Restricted Stock

None.

135

Purchases
of Equity Securities by the Issuer and Affiliated Purchasers

None.

ITEM
6. [RESERVED.]

ITEM
7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The
following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction
with our audited consolidated financial statements and the notes related thereto which follow Item 16 of this Annual Report on Form 10-K.
Certain information contained in the discussion and analysis set forth below includes forward-looking statements. Our actual results
may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those set forth
under “Cautionary Note Regarding Forward-Looking Statements,” “Item 1A. Risk Factors” and elsewhere in this Annual
Report on Form 10-K.

MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

On
February 14, 2023, the registrant consummated the previously announced business combination (the “Business Combination”)
pursuant to that certain Agreement and Plan of Merger, dated August 31, 2022, as amended on December 5, 2022 by Amendment No. 1 (as amended,
the “Business Combination Agreement”), by and among Ocean Biomedical, Inc., formerly known as Aesther Healthcare Acquisition
Corp. (the “Company”), AHAC Merger Sub, Inc., a Delaware corporation (“Merger Sub”), Aesther Healthcare Sponsor,
LLC (the “Sponsor”), in its capacity as purchaser representative, Ocean Biomedical Holdings, Inc., formerly known as Ocean
Biomedical, Inc., a Delaware corporation (“Legacy Ocean”), and Dr. Chirinjeev Kathuria, in his capacity as seller representative.
In connection with the closing of the Business Combination (the “Closing”), the Company changed its name from “Aesther
Healthcare Acquisition Corp.” to Ocean Biomedical, Inc.” References to the “Company”, “Ocean Biomedical”,
“we”, “us” and “our” refer to the Legacy Ocean prior to the Closing of the Business Combination and