Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 663

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 4
Chunk 663
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 Nasdaq that it no longer complies with Rule
5550(a)(2) of Nasdaq’s Listing Rules (the “Rules”) which require listed securities to maintain a minimum bid price
of $1 per share. Based upon the closing bid price for the last 30 consecutive business days (October 21, 2024 to December 2, 2024), the
Company no longer meets this requirement. However, the Rules also provide the Company a compliance period of 180 calendar days (until
June 2, 2025) in which to regain compliance. Pursuant to Rule 5810(c)(3)(C) if at any time during this 180 day period the closing bid
price of the Company’s security is at least $1 for a minimum of ten consecutive business days, Nasdaq will provide the Company
written confirmation of compliance and this matter will be closed. In the event the Company does not regain compliance by June 2, 2025,
the Company may be eligible for additional time to regain compliance, or may face delisting.

Section
5550(b)(2) of The Listing Rules (the “Rules”) require listed securities to maintain a minimum Market Value of Listed Securities
(MVLS) of $35 million. On December 5, 2024, Nasdaq sent a letter to the Company notifying it that based upon the Company’s MVLS
for the last 30 consecutive business days, the Company no longer meets this requirement. Consequently, a deficiency exists with regard
to the Rule. However, the Rules also provide the Company a compliance period of 180 calendar days in which to regain compliance. If at
anytime during this compliance period the Company’s MVLS closes at $35 million or more for a minimum of ten consecutive business
days, Nasdaq will provide written confirmation of compliance and this matter will be closed. In the event the Company does not regain
compliance with the Rule prior to the expiration of the compliance period, it will receive written notification that its securities are
subject to delisting and it may be eligible for additional time to regain compliance, or may face delisting.

    F-27

Virion
Contribution Agreement

On
October 11, 2023, the Company entered into an Amended and Restated Contribution Agreement (the “Contribution Agreement”)
with Virion Therapeutics, LLC (“Virion”) and Poseidon Bio LLC to provide financial, technical and operational assistance
to further growth and development of Vir