Ocean Biomedical secures up to $7.675M financing, issues 3.8M shares to settle defaults

Ocean Biomedical, Inc.

Up to $7.675M additional secured notes; first $1.1M tranche used for 2023 audit and quarterly reporting costs.
Existing defaults cured; maturity extended to Dec 15, 2024; installment payments waived until Sept 1 or 10-K filing.
Issued 3,844,466 restricted shares and 1,332,806 warrants to institutional investor for past defaults and penalty shares.
Amended earnout shares: 18M shares to be issued in three tranches of 6M each now and on anniversaries.
Settled $2.7M promissory notes with two institutional investors via shares and cash or deferred shares.

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