The blinking led is likely 9 short and 1 long for bad ram. There is a possibility of the floppy having a zero-track error and unable to initialize, it would then repeat the boot process over and over.
You need to prevent further damage from the KOH or lye that leaked from the battery by rinsing the board with white vinegar (acetic acid), gently rinsing after with distilled/deionized water in minimal amounts and then some 90% isopropyl alcohol to help dry up any left behind water. Lastly let it dry overnight.
