---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-23-008961"
form_type: "8-K"
ticker: "OCEA"
cik: "0001869974"
company_name: "Ocean Biomedical, Inc."
filed_at: "2023-03-27T23:59:59+00:00"
generated_at: "2026-06-17T15:39:05.396278+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001493152-23-008961
- form_type: 8-K
- ticker: OCEA
- cik: 0001869974
- company_name: Ocean Biomedical, Inc.
- filed_at: 2023-03-27T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1869974/000149315223008961/0001493152-23-008961-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1869974/000149315223008961/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-23-008961
- JSON: https://secwatch.observer/filing/0001493152-23-008961.json
- Plain text: https://secwatch.observer/filing/0001493152-23-008961.txt

## Key facts
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1869974/000149315223008961/0001493152-23-008961-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.