Ocean Biomedical closes $7.56M first tranche of convertible notes; amends SPA

Ocean Biomedical, Inc.

Closed first tranche of $7.56M in Senior Secured Convertible Notes on May 25, 2023, part of up to $27M private placement.
Amendment adds definition of 'all the Registrable Securities' as 100% of maximum conversion shares at Floor Price.
Amendment modifies Section 7(b)(xxii) to condition additional closings on no Equity Conditions Failure.
Investor is Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B.

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. amended Amendment No. 1 to Securities Purchase Agreement with Investor valued at up to $27,000,000 aggregate principal amount of Senior Secured Convertible Notes (effective 2023-05-25).

Action: amendment
Agreement: notes offering
Counterparty: Investor
Value: up to $27,000,000 aggregate principal amount of Senior Secured Convertible Notes
Effective: 2023-05-25

Exact text from the filing

greement (the “ SPA ”) with an accredited investor (the “ Investor ” and, together with the Company, the “ Parties ”) for the sale of up to $27,000,000 in an aggregate principal amount of Senior

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Ocean Biomedical, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-019176

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