Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 695

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 4
Chunk 695
---
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 Business
Combination or (ii) March 31, 2023. In consideration of the extension of the February 2022 Second Street Loan, we paid a $60,000 extension
fee and issued to Second Street Capital a warrant to purchase 100,000 shares of our Common Stock with an exercise price of $11.50 per
share that expires in five years. In consideration of the extension of the April 2022 Second Street Loan, we paid a $35,000 extension
fee and issued to Second Street Capital a warrant to purchase 50,000 shares of our Common Stock with an exercise price of $11.50 per
share that expires in five years. 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
May 25, 2023, we issued a warrant to Alto Opportunity Master Fund, SPC – Segregated Master Portfolio B (the “Ayrton Warrant”)
in connection with the Ayrton Convertible Note Financing. The Ayrton Warrant is exercisable for 552,141 shares of our Common Stock at
an exercise price of $11.50 per share, exercisable until May 25, 2028. The warrant can be exercised by payment of the exercise price
or through a cashless exercise if, at the time of exercise, a registration statement is not effective (or the prospectus contained therein
is not available for use) for the resale by the holder of all of the shares underlying the warrant. 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.

Elkurt
Brown License Agreements: On June 13, 2024, we amended the Initial Brown License Agreements such that $0.2 million of past due license
fees were paid on July 17, 2024, and $0.2 million of past due license fees and $0.1 million in past due patent expenses were to be paid
by October 1, 2024, which remain unpaid and are subject to negotiation between the parties