secwatch.observer — SEC 8-K summary
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Issuer:     Ocean Biomedical, Inc. (OCEA)
CIK:        0001869974
Form:       8-K
Filed at:   2023-03-27T23:59:59+00:00
Accession:  0001493152-23-008961
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1869974/000149315223008961/0001493152-23-008961-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1869974/000149315223008961/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-008961

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