Company: OCEA
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-011080
Chunk: 86

Company: Ocean Biomedical, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 86
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The holders of common stock of
the Company are entitled to dividends when and if declared by the Company’s Board of Directors. The holders of common stock are
entitled to one vote per share on all matters to be voted upon by the stockholders. As of March 31, 2025, and December 31, 2023, the Company
had 300,000,000 authorized shares of common stock with a par value of $0.0001 per share.

On April 1, 2024, Ocean Biomedical,
Inc. (the “Company”) filed a Notification of Late Filing on Form 12b-25 with the SEC,
indicating that the filing of its Annual Report on Form 10- K for the period ended December 31, 2023 (the “Form 10-K”) would
be delayed, after determining that it was unable, without unreasonable effort or expense, to file the Form 10-K by the due date of April
1, 2024.

The Company received a notice
(the “Notice”) on April 18, 2024, from the Nasdaq Listing Qualifications Department (“Nasdaq”) indicating that
the Company remains in non-compliance with the timely filing requirement for continued listing under Nasdaq Listing Rule 5250(c)(1), which
requires listed companies to timely file all required periodic reports with the SEC. On May 22, 2024, and August 19, 2024, the Company
received similar notices with regard to its Quarterly Reports on Form 10-Q for the periods ended March 31, 2024 and June 30, 2024, respectively.

The Notices will have no immediate
effect on the listing or trading of the Company’s common stock, although there can be no assurances that further delays in the filing
of the Form 10-K will not have an impact on the listing or trading of the Company’s common stock. Nasdaq indicated that the Company
must: (i) submit a revised plan to regain compliance with respect to the filing requirement; and (ii) on or before October 14, 2024, file
the delinquent Form 10-K. The Company filed the delinquent Form 10-K on November 25, 2024, Forms 10-Q for the first two quarters of 2024
were filed on December 23, 2024 and Form 10-Q for the quarter ended September 30, 2024 was