Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 326

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 2
Chunk 326
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    March 2023 
     200,000  
    $10.34  
     Equity-classified  
     3/29/2028
  
    Second Street Capital 
    March 2023 
     150,000  
    $11.50  
     Equity-classified  
     3/31/2028
  
    McKra Investments warrant 
    March 2023 
     200,000  
    $10.34  
     Equity-classified  
     3/28/2028
  
    Special Forces F9 warrant 
    March 2023 
     150,000  
    $11.50  
     Equity-classified  
    3/7/2028
  
    Public Warrants 
    -(4) 
     5,250,000  
    $11.50  
     Equity-classified  
     2/14/2028
  
    Private Warrants 
    -(4) 
     5,411,000  
    $11.50  
     Equity-classified  
     2/14/2028
  
    SPA
    Warrant (3) 
    May 2023 
     552,141  
    $1.50  
     Liability-classified  
     5/25/2028

     12,602,195  

    (1)
    Upon
    Closing, and as discussed in Note 3, Business Combination and Backstop Agreement, Second Street Capital’s warrants issued
    from Legacy Ocean in 2022 were terminated in exchange for the Converted Ocean Warrants.

    (2)
    The
    Legacy Ocean warrant issued in February 2022 was issued with the right to put the warrant in exchange for a payment of $250,000.
    At the time of issuance, these warrants were recorded as a liability and as Second Street Capital had the intention to exercise the
    put option in the near-term, the Company determined that recording the liability at its fair value of $250,000 was appropriate.

    (3)
    For
    further detail on the SPA Warrant, refer to Note 7, Senior Secured Convertible Notes.

    (4)
    For
    further detail on the Public Warrants and Private Warrants, refer to the “Public and Private Warrants” discussion below.