secwatch.observer — SEC 8-K summary
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Issuer:     Ocean Biomedical, Inc. (OCEA)
CIK:        0001869974
Form:       8-K
Filed at:   2023-05-16T23:59:59+00:00
Accession:  0001493152-23-017639
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 3.02, 3.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1869974/000149315223017639/0001493152-23-017639-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1869974/000149315223017639/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-017639

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer