Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 693

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 4
Chunk 693
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 Legacy Ocean
recognized a total expense in the amount of $1.1 million of which $0.3 million was for the put option and $0.8 million was for the warrants
issued for the fiscal year end December 31, 2022.

On
November 17, 2022, Legacy Ocean, Aesther and Second Street Capital entered into a Warrant Exchange Agreement, pursuant to which Legacy
Ocean and Aesther agreed as of the Closing of the Business Combination to replace the warrants previously issued by Legacy Ocean to Second
Street Capital with new warrants. As of the Closing, the new warrants consisted of three warrants for the number of shares of common
stock equal to the economic value of the warrants previously issued to Second Street Capital in exchange for the termination of such
previously issued warrants. The new warrants are exercisable for a total of 511,712 shares of our Common Stock at an exercise price of
$8.06 per share and 102,342 shares of our Common Stock at an exercise price of $7.47 per share. These transactions were effected without
registration under the Securities Act in reliance on the exemption from registration provided under Section 4(a)(2) promulgated thereunder.

On
February 15, 2023, the February 2022 Second Street Loan and April 2022 Second Street Loan were further amended whereas the maturity dates
were extended from February 15, 2023 to March 31, 2023. We were required to repay the principal and accrued interest of the February
2022 Second Street Loan and April 2022 Second Street Loan the earlier of (i) 5 business days after our next financing or closing of the
Business Combination or (ii) March 31, 2023. In consideration of the extension of the February 2022 Second Street Loan, we paid a $50,000
extension fee and issued to Second Street Capital a warrant to purchase 50,000 shares of our Common Stock with an exercise price of $10.34
per share exercisable until February 15, 2028. In consideration of the extension of the April 2022 Second Street Loan, we paid a $25,000
extension fee and issued to Second Street Capital a warrant to purchase 25,000 shares of our Common Stock with an exercise price of $10.34
per share exercisable until February 15, 2028. These transactions were effected without registration under the Securities Act in reliance