Company: OCEA
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-011080
Chunk: 174

Company: Ocean Biomedical, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 8
Chunk 174
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 in AHAC’s IPO (the “Public Warrants”) and 5,411,000 were originally issued in a private placement
in connection with the IPO (the “Private Warrants,” and together with the Public Warrants, the “IPO Warrants”).

Each whole IPO Warrant entitles
the registered holder to purchase one share of common stock at a price of $11.50 per share, subject to adjustment as discussed within
the underlying agreements, at any time commencing 30 days after the completion of the Business Combination. However, the IPO Warrants
are not exercisable for cash unless the Company has an effective and current registration statement covering the shares of common stock
issuable upon exercise of the IPO Warrants.

The Company may call the IPO
Warrants for redemption, in whole and not in part, at a price of $0.01 per warrant:

    ●
    at any time after the warrants become exercisable;

    ●
    upon not less than 30 days’ prior written notice of redemption to each warrant holder;

    ●
    if, and only if, the reported last sale price of the shares of common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30-trading-day period commencing after the warrants become exercisable and ending on the third business day prior to the notice of redemption to warrant holders; and

    ●
    if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying such warrants.

The right to exercise will be
forfeited unless the IPO Warrants are exercised prior to the date specified in the notice of redemption. On and after the redemption date,
a record holder of an IPO Warrant will have no further rights except to receive the redemption price for such holder’s warrant upon
surrender of such warrant. If the Company calls the IPO Warrants for redemption as described above, its management will have the option
to require all holders that wish to exercise warrants to do so on a “cashless basis.” In such event, each holder would pay
the exercise price by surrendering the warrants for that number of shares of the Company’s common stock equal to the quotient obtained
by dividing (x) the product of the number of shares of common stock underlying the warrants, multiplied by the difference between the
exercise price of the warrants and the “fair