Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 2

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 1B
Chunk 2
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held of record by banks, brokers and other financial institutions.

Dividends

We
have not paid any cash dividends on our common stock to date and do not intend to pay cash dividends in the future. The payment of cash
dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition.
The payment of any cash dividends will be within the discretion of our board of directors. Our board of directors is not currently contemplating
and does not anticipate declaring any stock dividends in the foreseeable future.

Recent
Sales of Unregistered Securities

Set
forth below is information regarding securities issued by Aesther and Legacy Ocean in 2022 that were not registered under the Securities
Act. No underwriters were involved in the sales and the certificates representing the securities sold and issued contain legends restricting
transfer of the securities without registration under the Securities Act or an applicable exemption from registration.

Issuances
of Capital Stock

In
connection with the Closing of the Business Combination, on February 14, 2023, Aesther issued to Sponsor 1,365,000 shares of the Company’s
Class A common stock in connection with Sponsor obtaining two (2) three-month extensions beyond the September 16, 2022 deadline to complete
an initial business combination. Such shares were reclassified as Ocean Biomedical common stock in connection with the Business Combination
pursuant to the Amended Certificate. These securities were issued pursuant to Section 4(a)(2) of the Securities Act.

Issuance
of Warrants

On
February 22, 2022, Legacy Ocean entered into a Loan Agreement (the “Second Street Loan”) with Second Street Capital, LLC
(“Second Street Capital”), where Legacy Ocean borrowed $0.6 million, which was used to pay a $15,000 loan fee and
certain accrued expenses of Legacy Ocean. The Second Street Loan accrues interest at the rate of 15% per annum, with principal and
interest due at maturity. Legacy Ocean was required to repay the Second Street Loan on the earlier of (i) 5 business days after
Legacy Ocean’s next financing or (ii) May 23, 2022. Legacy Ocean issued to Second Street Capital, LLC a warrant to purchase
312,500 shares of Legacy Ocean’s common stock, with an exercise price of $11.00 per share, exercisable until February 22,
2026. For a period of 180 days from the