Ocean Biomedical, Inc. announced a private placement of unsecured convertible debt for the gross proceeds of up to $10 million on October 4, 2023. The transaction will include participation from returning investors, Poseidon Bio, LLC. The conversion price will be $10.34 per share, subject to certain potential adjustments.

The notes will mature in one year following the issuance date. The promissory notes may be issued in one or more closings.