Company: OCEA
Filing Date: 2025-01-13
Form Type: 10-Q
Source: 0001493152-25-001880
Chunk: 23

Company: Ocean Biomedical, Inc.
Filing Date: 2025-01-13
Form: 10-Q
Item: Item 1
Chunk 23
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 Ocean warrants.
    The Converted Ocean Warrants were exercisable for a total of 511,712 shares of the Company’s common stock at an exercise price
    of $8.06 per share and 102,342 shares of the Company’s common stock at an exercise price of $7.47 per share.

    ●
    The Company issued to Polar
    (as defined below within Backstop Agreement) 1,350,000 newly issued shares of its common stock that are subject to the forward
    purchase provisions of the Backstop Agreement.

    ●
    Each share of AHAC’s
    Class A common stock was automatically reclassified into one share of the Company’s common stock, including the remaining shares
    of AHAC Class A common stock that were not redeemed.

The
following table reconciles the elements of the Business Combination to the unaudited condensed consolidated statements of stockholders’
deficit and cash flows for the nine months ended September 30, 2024:

Schedule of Elements of Business Combination

    (in thousands) 

    Cash from AHAC trust, net of redemptions 
    $52,070 
  
    Offering costs from Business Combination 
     (2,049)
  
    Net impact on total stockholders’ deficit 
     50,021 

    Non-cash offering costs 
     2,049 
  
    Net impact on cash provided by financing activities 
    $52,070 

Earnout
Shares

In
addition, pursuant to Business Combination Agreement, Legacy Ocean’s stockholders prior to the Closing (the “Legacy Ocean
Stockholders”) are entitled to receive from the Company, in the aggregate, up to an additional 19,000,000 shares of the Company’s
common stock (the “Earnout Shares”) as follows: (a) in the event that the volume-weighted average price (the “VWAP”)
of the Company’s common stock exceeds $15.00 per share for twenty (20) out of any thirty (30) consecutive trading days beginning
on the Closing date until the 36-month anniversary of the Closing, the Legacy Ocean Stockholders shall be entitled to receive an additional
5,000,000 shares of the Company’s common stock, (b) in the event that the VWAP of the Company’s common stock exceeds $17.50
per share for twenty (20) out of any thirty (30) consecutive trading days beginning on the Closing date until the