Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 3585

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 1A
Chunk 3585
---
 as well as for clinical testing and commercial manufacturing if our product candidates receive
marketing approval. Our research and development efforts have taken place in state-of-the-art facilities at our academic partners, principally
at Brown University, which are being used under the sponsored research agreements. We anticipate relying on these facilities going forward
through sponsored research arrangements with Brown University and with other university partners. In addition, we expect to access laboratory
facilities and resources through various contract research organization partners such as Lonza Group AG, with whom we are currently engaged.

ITEM
3. LEGAL PROCEEDINGS.

From
time to time, we may become involved in legal proceedings relating to claims arising from the ordinary course of business. Our management
believes that there are currently no claims or actions pending against us, the ultimate disposition of which could have a material adverse
effect on our results of operations, financial condition or cash flows, except as set forth in the financial statements included in this
Annual Report.

ITEM
4. MINE SAFETY DISCLOSURES.

Not
applicable.

133

PART
II

ITEM
5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

Market
Information

The
Company’s public shares and public warrants began trading on Nasdaq under the symbols “OCEA” and “OCEAW,”
respectively. The Company’s publicly traded units automatically separated into their component securities upon the closing of the
Business Combination, and as a result, no longer trade as a separate security.

Holders

As
of December 31, 2024, there were approximately 60 holders of record of our common stock. These numbers of holders of record do not include
a substantially greater number of “street name” holders or beneficial holders whose common stock and public warrants are
held of record by banks, brokers and other financial institutions.

Dividends

We
have not paid any cash dividends on our common stock to date and do not intend to pay cash dividends in the future. The payment of cash
dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition.
The payment of any cash dividends will be within the discretion of our board of directors. Our board of directors is not currently contemplating
and does not anticipate declaring any stock dividends in the foreseeable future.

Recent
Sales of Unregistered Securities

Set
forth below is information regarding