secwatch.observer — SEC 8-K summary
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Issuer:     Ocean Biomedical, Inc. (OCEA)
CIK:        0001869974
Form:       8-K
Filed at:   2023-10-06T23:59:59+00:00
Accession:  0001493152-23-036565
Event type: other_material
Sentiment:  positive
Materiality: 0.70
Item codes: 1.01, 3.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1869974/000149315223036565/0001493152-23-036565-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1869974/000149315223036565/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-036565

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