Ocean Biomedical announces $10M convertible debt term sheet from largest stockholder; amends equity facility

Ocean Biomedical, Inc.

Non-binding term sheet for up to $10M convertible notes from largest stockholder Poseidon Bio at $10.34 conversion, $11.50 warrants, 1-year maturity.
Amendment to White Lion equity line allows fixed purchases at $7.00/share when stock price >=$9.00, up to 50,000 shares per notice.
No shares have been issued under the original $75M common stock purchase agreement with White Lion.
Proposed debt facility is unsecured, junior to senior lender, and requires senior lender consent.

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 First Amendment to Common Stock Purchase Agreement with White Lion Capital LLC (effective 2023-10-04).

Action: amendment
Agreement: equity purchase
Counterparty: White Lion Capital LLC
Effective: 2023-10-04

Exact text from the filing

Effective October 4, 2023, the Company and White Lion entered into a first amendment to the Common Stock Purchase Agreement (the “Amendment”).

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Ocean Biomedical, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-036565

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