Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 1566

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 10
Chunk 1566
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 promulgated thereunder.

Dated
as of March 28, 2023, we entered into a Loan Agreement with McKra Investments III pursuant to which we borrowed $1.0 million to pay certain
accrued expenses. The loan bears interest at 15% per annum and is due within three business days of our next financing or receipt of
proceeds from the Backstop Agreement or, if earlier, 45 days from the date of the advance. We issued a warrant to the lender for 200,000
shares of our Common Stock, exercisable for five years at an exercise price of $10.34 and will pay $0.2 million in loan fees at maturity.
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.

Dated
as of March 29, 2023, we entered into a Loan Agreement with Second Street Capital pursuant to which we borrowed $1 million to pay certain
accrued expenses. The loan bears interest at 15% per annum and is due within three business days of our next financing or receipt of
proceeds from the Backstop Agreement or, if earlier, 45 days from the date of the advance. We issued a warrant to the lender for 200,000
shares of our Common Stock, exercisable for five years at an exercise price of $10.34 and will pay $0.2 million in loan fees at maturity.
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
March 31, 2023, the February 2022 Second Street Loan and April 2022 Second Street Loan were further amended whereas the maturity dates
were extended from March 31, 2023 to May 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 $60,000 extension
fee and issued to Second Street Capital a warrant to purchase 100,000 shares of our Common Stock with an exercise price of $11.