Company: OCEA
Filing Date: 2025-01-13
Form Type: 10-Q
Source: 0001493152-25-001880
Chunk: 198

Company: Ocean Biomedical, Inc.
Filing Date: 2025-01-13
Form: 10-Q
Item: Item 8
Chunk 198
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49

Emerging
Growth Company and Smaller Reporting Company Status

The
Jumpstart Our Business Startups Act of 2012 permits an “emerging growth company” such as us to take advantage of an extended
transition period to comply with new or revised accounting standards applicable to public companies until those standards would otherwise
apply to private companies. We have elected to not “opt out” of this provision and, as a result, we will adopt new or revised
accounting standards at the time private companies adopt the new or revised accounting standard and will do so until such time that we
either (i) irrevocably elect to “opt out” of such extended transition period or (ii) no longer qualify as an emerging growth
company.

We
are also a “smaller reporting company” meaning that the market value of our stock held by non-affiliates is expected to be
less than $700 million and our annual revenue was less than $100 million during the most recently completed fiscal year. We may continue
to be a smaller reporting company if either (i) the market value of our stock held by non-affiliates is less than $250 million or (ii)
our annual revenue was less than $100 million during the most recently completed fiscal year and the market value of our stock held by
non-affiliates is less than $700 million. If we are a smaller reporting company at the time that we cease to be an emerging growth company,
we may continue to rely on exemptions from certain disclosure requirements that are available to smaller reporting companies. Specifically,
as a smaller reporting company, we may choose to present only the two most recent fiscal years of audited financial statements in our
Annual Report on Form 10-K and, similar to emerging growth companies, smaller reporting companies have reduced disclosure obligations
regarding executive compensation.

Item
3. Quantitative and Qualitative Disclosures About Market Risk.

As
a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act), we are not required to provide disclosure under this Item
3.

Item
4. Controls and Procedures.

Evaluation
of Disclosure Controls and Procedures

Under
the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer (our
principal executive officer and principal accounting/financial officer), we conducted an evaluation of the effectiveness of the design
and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d