Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 555

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 4
Chunk 555
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 from effecting or entering into an agreement to effect any subsequent placement involving a Variable Rate Transaction,
other than pursuant to the White Lion Common Stock Purchase Agreement. “Variable Rate Transaction” means a transaction in
which we (i) issue or sell any convertible securities either (A) at a price that is based upon with the trading prices of our Common
Stock, or (B) with a price that is subject to being reset at some future date or upon the occurrence of specified events related to the
business of the Company or the market for our Common Stock, other than pursuant to a customary “weighted average” anti-dilution
provision or (ii) enters into any agreement whereby we may sell securities at a future determined price (other than standard and customary
“preemptive” or “participation” rights).

147

We
are required to obtain stockholder approval authorizing the issuance of our common stock under the Notes and the Ayrton Warrant in compliance
with the rules and regulations of the Nasdaq Capital Market (“Nasdaq”) (without regard to any limitations on conversion or
exercise set forth in the Notes or the Ayrton Warrant, respectively), including, shares of our Common Stock to be issued in connection
with any Additional Closing. Unless we obtain the approval of our stockholders as required by Nasdaq, we will be prohibited from issuing
any shares of Common Stock upon conversion of the Notes or otherwise pursuant to the terms of the Notes or the Ayrton Warrant, if the
issuance of such shares of Common Stock would exceed 19.99% of our outstanding shares of Common Stock as of the date of the SPA or otherwise
exceed the aggregate number of shares of Common Stock which we may issue without breaching our obligations under the rules and regulations
of Nasdaq.

The
interest rate applicable to each Note is, as of any date of determination, the lesser of (I) eight percent (8%) per annum and (II) the
greater of (x) five percent (5%) per annum and (y) the sum of (A) the “secured overnight financing rate,” which from time
to time is published in the “Money Rates” column of The Wall Street Journal (Eastern Edition, New York Metro), in effect
as of such date of determination and (B) two percent (2%) per annum; provided, further, that each of the forgoing rates shall be subject
to adjustment from time to time in accordance with the