Ocean Biomedical amends loans with McKra ($1M) and Second Street ($1.7M), pays $500K fees, issues 50k shares

Ocean Biomedical, Inc.

McKra Loan Amendment: $1M advance at 15% interest; $175K fee due now, $500K partial repayment after first SPA closing.
Second Street Loans Amendment: $1.7M total at 15%; $325K fee due now, $500K partial repayment after first SPA closing.
Company to issue 25,000 shares to each lender (50k total) as extension consideration; registration required within 30 days.
Full repayment plus interest due after second SPA closing or upon capital raise of at least $25M.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Ocean Biomedical, Inc. amended Second Street Loans Amendment (Omnibus Amendment to Loan Agreements) with Second Street Capital, LLC valued at Amendment relates to three loans totaling $1,700,000 at 15% per annum; requires payments totaling $2 (effective 2023-06-02).

Action: amendment
Agreement: credit facility
Counterparty: Second Street Capital, LLC
Value: Amendment relates to three loans totaling $1,700,000 at 15% per annum; requires payments totaling $2
Effective: 2023-06-02

Exact text from the filing

On June 2, 2023, the Company and Second Street Capital, LLC, a California limited liability company (" Second Street Capital "), entered into that certain Omnibus Amendment to Loan Agreements, dated June 2, 2023 but effective as of May 12, 2023 (the " Second Street Loans Amendment ").

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Ocean Biomedical, Inc. amended McKra Loan Amendment with McKra Investments III valued at Amendment relates to a loan of $1,000,000 at 15% per annum; requires payments totaling $675,000 plus (effective 2023-06-02).

Action: amendment
Agreement: credit facility
Counterparty: McKra Investments III
Value: Amendment relates to a loan of $1,000,000 at 15% per annum; requires payments totaling $675,000 plus
Effective: 2023-06-02

Exact text from the filing

On June 2, 2023, Ocean Biomedical, Inc., a Delaware corporation (the " Company "), and McKra Investments III, a California general partnership (" McKra "), entered into that certain Amendment to Loan Agreement, dated June 2, 2023 but effective as of May 12, 2023 (the " McKra Loan Amendment ").

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Ocean Biomedical, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-020592

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