Company: OCEA
Filing Date: 2025-01-13
Form Type: 10-Q
Source: 0001493152-25-001880
Chunk: 22

Company: Ocean Biomedical, Inc.
Filing Date: 2025-01-13
Form: 10-Q
Item: Item 1
Chunk 22
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ation 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, referred to as the “Recycled Shares,” and the “Backstop
    Agreement” are both further discussed and defined below).

    13

    ●
    AHAC issued an additional
    1,365,000 shares of Class A common stock to the Sponsor prior to the Closing in consideration for obtaining extensions beyond the
    September 2022 deadline to complete an initial business combination.

    ●
    The Backstop Parties purchased
    1,200,000 shares of AHAC’s Class A common stock in the open market for an aggregate purchase price of $12.7 million prior to
    the Closing (the “Share Consideration Shares”).

    ●
    The Company issued to Second
    Street Capital, LLC (“Second Street Capital”), Legacy Ocean’s lender, three warrants (the “Converted Ocean
    Warrants”) exercisable to acquire that number of shares of the Company’s common stock equal to the economic value of
    the Legacy Ocean warrants previously issued to Second Street Capital in exchange for the termination of the Legacy