secwatch.observer — SEC 8-K summary
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Issuer:     Ocean Biomedical, Inc. (OCEA)
CIK:        0001869974
Form:       8-K
Filed at:   2024-07-23T23:59:59+00:00
Accession:  0001493152-24-028844
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1869974/000149315224028844/0001493152-24-028844-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1869974/000149315224028844/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-028844

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