Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 727

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 5
Chunk 727
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 Agreement to extend the
termination date to November 1, 2022, to extend the termination dates of the commercialization plan of the Rhode Island License Agreement
to an additional one year, and acknowledge the accounts payable due and terms of payment. On July 18, 2024, we amended the Rhode Island
License Agreement to eliminate the termination date with respect to the equity financing requirement and to extend the termination dates of the commercialization plan
of the Rhode Island License Agreement from an additional three years to five years.

Ayrton
Convertible Note Financing

On
May 15, 2023, we entered into a Securities Purchase Agreement (the “SPA”) with an accredited investor (the “Investor”)
for the sale of up to three Senior Secured Convertible Notes (each, a “Note” and collectively, the “Notes”),
which Notes are convertible into shares of our Common Stock, in an aggregate principal amount of up to $27 million, in a private placement
(the “Offering” or the “Ayrton Convertible Note Financing”). These are the same Notes as described in footnote
7 to the audited financial statements included herewith. We consummated the closing for the sale of (i) the initial Note in the principal
amount of $7.56 million and (ii) a warrant to initially acquire up to 552,141 additional shares of our Common Stock with an initial exercise
price of $11.50 per share of Common Stock, subject to adjustment, exercisable immediately and expiring five years from the date of issuance
(the “Ayrton Warrant”), which is subject to customary closing conditions, on May 25, 2023. The Notes will be sold at an original
issue discount of eight percent (8%). Future issuances of Notes (“Additional Closings”) are subject to satisfaction of certain
conditions. The SPA contains certain representations and warranties, covenants and indemnities customary for similar transactions. At
the closing of the first Additional Closing, $8.64 million of Notes will be issued (the “First Additional Closing Date”)
and $10.8 million of Notes will be issued at the closing of the second Additional Closing. So long as any Notes remain outstanding, we
are prohibited 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