Ocean Biomedical secures up to $27M convertible note facility with Alto; initial $7.56M tranche at 8% OID

Ocean Biomedical, Inc.

Aggregate principal up to $27M via Senior Secured Convertible Notes; initial closing of $7.56M expected on May 22, 2023.
Net proceeds from initial Note estimated at ~$6.1M after 8% original issue discount and expenses.
Notes carry 12-month maturity, initial conversion price of $10.34/share, and are secured by all company assets.
Funds to be used for working capital, clinical development costs, and general corporate purposes.
Investor is Alto Opportunity Master Fund; Maxim Group acted as exclusive placement agent.

item 1.01 item 2.03 item 3.02 item 3.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Ocean Biomedical, Inc. entered into Securities Purchase Agreement with an accredited investor valued at aggregate principal amount of up to $27,000,000 (effective 2023-05-15).

Action: entry
Agreement: equity purchase
Counterparty: an accredited investor
Value: aggregate principal amount of up to $27,000,000
Effective: 2023-05-15

Exact text from the filing

On May 15, 2023, Ocean Biomedical, Inc. (the " Company ") entered into a Securities Purchase Agreement (the " SPA ") with an accredited investor (the " Investor ") for the sale of up to three Senior Secured Convertible Notes (each, a " Note " and collectively, the " Notes "), which Notes are convertible into shares of the Company’s common stock, $0.0001 par value per share (the " Common Stock "), in an aggregate principal amount of up to $27,000,000, in a private placement (the " Offering ").

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Ocean Biomedical, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-017639

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