Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 1444

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 9C
Chunk 1444
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 date of the loan made pursuant to the McKra Loan. 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.

In
connection with the Second Street Loans Amendment, on June 5, 2023, we issued to Second Street Capital 25,000 shares of our Common Stock
in exchange for the extension of the maturity dates of the loans made pursuant to the Second Street Loan, the Second Street Loan 2, and
the March Second Street Loan. 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.

(b)
Issuance of Warrants

On
September 17, 2021, Aesther issued 5,411,000 Private Placement Warrants to purchase shares of Aesther Class A common stock to Sponsor
for aggregate gross proceeds of $5.4 million.

On
February 22, 2022, Legacy Ocean entered into a Loan Agreement with Second Street Capital (the “February 2022 Second Street Loan”),
where Legacy Ocean borrowed $0.6 million, which was used to pay a $15,000 loan fee and certain accrued expenses of Legacy Ocean. The
February 2022 Second Street Loan accrues interest at the rate of 15% per annum, with principal and interest due at maturity. Legacy Ocean
was required to repay the February 2022 Second Street Loan on the earlier of (i) 5 business days after Legacy Ocean’s next financing
or (ii) May 23, 2022. Legacy Ocean issued to Second Street Capital a warrant to purchase 312,500 shares of Legacy Ocean’s common
stock, with an exercise price of $11.00 per share, exercisable until February 22, 2026. For a period of 180 days from the closing of
our next financing, Second Street Capital has the right to put the warrants to us in exchange for a payment of $0.3 million. On April
22, 2022, the February 2022 Second Street Loan was amended whereas the maturity date was extended from May 23, 2022 to November 18, 2022.
Legacy Ocean recognized a loss and recorded the liability of $0.3 million for the put option in its consolidated financial statements
for the period ended September 30, 2022.

In