Ocean Biomedical extends $1.05M loans, raises interest to 15% and adds share issuance penalties

Ocean Biomedical, Inc.

Modified $1.05M Sponsor Loan maturity to May 22, 2023; interest increased from 8% to 15% compounded monthly.
SPAC Loan maturity extended to May 19, 2023; proceeds of any $15M+ capital raise to repay loans first.
Company to issue 50,000 shares to Lender immediately and 50,000 shares each 30-day anniversary thereafter until repaid.
Default penalties: Sponsor to transfer 250,000 shares per month; Company liable for 250,000 shares per month if it defaults on obligations.
Side Letter: If SPAC Loan not repaid by May 19, Company must issue 250,000 shares to Sponsor immediately.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Ocean Biomedical, Inc. entered into Loan Modification Agreement with NPIC Limited valued at modified $1,050,000 loan (effective 2023-03-22).

Action: entry
Agreement: credit facility
Counterparty: NPIC Limited
Value: modified $1,050,000 loan
Effective: 2023-03-22

Exact text from the filing

On March 22, 2023 Ocean Biomedical, Inc. (f/k/a Aesther Healthcare Acquisition Corp.) (the “ Company ”) entered into a Loan Modification Agreement, dated March 22, 2023 (the “ Modification Agreement ”), by and among the Company, Aesther Healthcare Sponsor, LLC (the “ Sponsor ”), and NPIC Limited (the “ Lender ”), and a Side Letter Agreement between the Company and the Sponsor (the “ Side Letter ”), which modifies that certain Loan and Transfer Agreement, dated December 13, 2022 (the “ Original Agreement ” and, together with the Modification Agreement and Side Letter, the “ Loan Agreements ”), by and among the Company, the Sponsor, and the Lender.

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Ocean Biomedical, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-008961

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