Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 2300

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 1A
Chunk 2300
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1,365,000 additional shares of the Company’s Class A common stock in connection with the Sponsor
    obtaining two (2) three-month extensions beyond the September 16, 2022 deadline to complete an initial business combination (the
    “Sponsor Extension Shares”);

140

    ●
    the
    Backstop Parties (as defined below) purchased 1,200,000 shares of the Company’s Class A common stock prior to the closing that
    were not redeemed (the “Share Consideration Shares”);

    ●
    the
    Backstop Parties (as defined below) purchased 3,535,466 shares of the Company’s Class A common stock prior to the closing that
    were not redeemed and are subject to the forward purchase provisions of the Backstop Agreement (the “Recycled Shares”);

    ●
    5,570,965
    shares of the Company’s Class A Common Stock were redeemed immediately prior to Closing of the Business Combination;

    ●
    the
    Company issued to Second Street Capital, Legacy Ocean’s lender, three (3) warrants for the number of shares of the Company’s
    common stock equal to the economic value of the Legacy Ocean warrants previously issued to Second Street in exchange for the termination
    of the Legacy Ocean warrants. The new warrants are 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) 1,350,000 newly issued shares of its common stock that are subject to the forward purchase
    provisions of the Backstop Agreement; and

    ●
    all
    shares of the Company’s Class A common stock were reclassified as common stock pursuant to the Amended Certificate.

In
addition, pursuant to Business Combination Agreement, the holders of Legacy Ocean’s common stock shall be 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