Ocean Biomedical Inc (NASDAQ:OCEA) has closed the initial US $10 million tranche of a total anticipated $27 million principal amount of Senior Secured Convertible Notes in a private placement with Ayrton Capital.
The notes will be issued in three tranches:
- $10 million upon closing of the transaction.
- $5 million upon the 30-day trading anniversary of the effectiveness date of the initial closing
- $10 million upon the later of the 90-day trading anniversary of the effectiveness closing and the conversion of all notes issued in the initial closing into shares.
The company intends to use the proceeds for working capital and other general corporate purposes.
Also Read: EXCLUSIVE: Ocean Biomedical Highlights New Results From Anti-Cancer Antibody Validating Tumor Suppression In Animal Models With Brain Tumor.
Maxim Group LLC acted as the exclusive placement agent for the private placement.
The notes will be convertible at $10.34.
“This investment will provide us with the resources needed to establish new collaborations with promising researchers and institutions, and we are excited to work closely with Ayrton to create value for all our stakeholders,” said Chirinjeev Kathuria, Ocean’s Chairman & Co-founder.
“This financing deal will enable us to advance our research and development efforts and bring life-changing therapies to patients with unmet medical needs,” said Suren Ajjarapu, a Director at Ocean Biomedical. “We are grateful for our partnership with Ayrton, who will provide us with valuable resources, expertise, and support as we work together to accelerate our growth and make a meaningful impact on the healthcare industry.”
Price Action: OCEA shares are up 5.51% at $5.94 premarket on the last check Tuesday.
