Company: OCEA
Filing Date: 2025-01-13
Form Type: 10-Q
Source: 0001493152-25-001880
Chunk: 122

Company: Ocean Biomedical, Inc.
Filing Date: 2025-01-13
Form: 10-Q
Item: Item 8
Chunk 122
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ASB 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.

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 by the Business Combination Agreement to take into account net working capital,
    closing net debt and Legacy Ocean transaction expenses.

    ●
    The 2,625,000 shares of
    AHAC Class B common stock held by Aesther Healthcare Sponsor, LLC (the “Sponsor”) were converted on a one-for-one basis
    into shares of AHAC’s Class A common stock immediately prior to the Closing.

    ●
    The Backstop Parties (as
    defined below within Backstop Agreement) purchased 3,535,466 shares of AHAC’s Class A common stock prior to the Closing
    that are subject to the Backstop Agreement (these shares, referred to as the “Recycled Shares,” and the “Backstop
    Agreement” are both further discussed and defined below).

    13

    ●
    AHAC issued an additional
    1,365,000 shares of Class A common stock to the Sponsor prior to the Closing in consideration for obtaining extensions beyond the
    September 2022