Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 1989

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 7A
Chunk 1989
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-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU
2023-07”). ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses
that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss,
an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit
or loss and assets. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment.
ASU 2023-07 is effective for public business entities with fiscal years beginning after December 15, 2023, and interim periods within
fiscal years beginning after December 15, 2024. The Company has concluded that the impact of adopting ASU 2023-07 is not material to
its consolidated financial statements and related disclosures.

In
December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures to enhance the
transparency and decision usefulness of income tax disclosures. This standard is effective for the Company for fiscal years beginning
after December 15, 2024 and can be applied on a prospective or retrospective basis. The Company is currently evaluating the effect that
the adoption of this ASU may have on its consolidated financial statements.

    F-14

3.
Business Combination and Backstop Agreement

Business
Combination

On
February 14, 2023, the Company consummated its Business Combination pursuant to the terms of the Business Combination Agreement.

Upon
consummation 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