Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 1802

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 12
Chunk 1802
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, 2022.

180

On
September 30, 2022, the February 2022 Second Street Loan and April 2022 Second Street Loan were amended whereas the maturity date was
extended from November 18, 2022 to December 30, 2022. In consideration of the extension, Legacy Ocean issued to Second Street Capital
a warrant to purchase 75,000 shares of Legacy Ocean’s common stock with an exercise price of $10.20 per share exercisable until
September 30, 2026. Legacy Ocean recognized a loss of $0.4 million for the warrant issued based on the estimated fair value of the awards
on the date of the grant in Legacy Ocean’s consolidated financial statements for the period ended September 30, 2022. Legacy Ocean
recognized a total expense in the amount of $1.1 million of which $0.3 million was for the put option and $0.8 million was for the warrants
issued for the fiscal year end December 31, 2022.

On
November 17, 2022, Legacy Ocean, Aesther and Second Street Capital entered into a Warrant Exchange Agreement, pursuant to which Legacy
Ocean and Aesther agreed as of the Closing of the Business Combination to replace the warrants previously issued by Legacy Ocean to Second
Street Capital with new warrants. As of the Closing, the new warrants consisted of three warrants for the number of shares of common
stock equal to the economic value of the warrants previously issued to Second Street Capital in exchange for the termination of such
previously issued warrants. The new warrants are exercisable for a total of 511,712 shares of our Common Stock at an exercise price of
$8.06 per share and 102,342 shares of our Common Stock at an exercise price of $7.47 per share. 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
February 15, 2023, the February 2022 Second Street Loan and April 2022 Second Street Loan were further amended whereas the maturity dates
were extended from February 15, 2023 to March 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