Company: OCEA
Filing Date: 2025-01-13
Form Type: 10-Q
Source: 0001493152-25-001880
Chunk: 171

Company: Ocean Biomedical, Inc.
Filing Date: 2025-01-13
Form: 10-Q
Item: Item 8
Chunk 171
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 between the
Aggregate Capital Contributions and the Actual Contributions (the “Final Contribution Amount”). The Final Contribution Amount
may be paid, at the Company’s election, in cash, through the issuance of additional shares of the Company’s common stock
or a combination of both and shall be made no later than 1 business day following the “Final Contribution Date”). The ownership
interest of Virion held by the Company shall be determined based upon the Actual Contributions made, plus any Final Contribution paid
to Virion as of the date such calculation is made.

Notice
from Nasdaq regarding Nasdaq Listing Requirement for Annual Meeting

On
January 7, 2025, the Company received a notice from Nasdaq that since the Company had not yet held an annual meeting of shareholders
within twelve months of the Company’s fiscal year ended December 31, 2023, it no longer complies with the Listing Rules (the “Rules”)
for continued listing.( Listing Rules 5620(a) and 5810(c)(2)(G)). Accordingly, this matter serves as an additional basis for delisting
the Company’s securities from The Nasdaq Stock Market. This is formal notification that the Nasdaq Hearings Panel (the “Panel”)
will consider this matter in their decision regarding the Company’s continued listing on The Nasdaq Capital Market. In that regard,
the Company should present its views with respect to this additional deficiency to the Panel in writing no later than January 14, 2025.
The Company plans on holding its annual meeting within the next 60 days.

34

Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

You
should read the following discussion and analysis of our financial condition and results of operations together with Ocean Biomedical,
Inc.’s (the “Company,” “Ocean Biomedical,” “we,” “us” and “our”) condensed
consolidated financial statements and related notes included elsewhere in this Report and the audited consolidated financial statements
and related notes thereto included in Exhibit 99.2 our Amendment No. 2 to Form 8-K filed with the SEC on March 31, 2023. The information
contained in this discussion and other parts of this Report include forward-looking statements that involve risks, uncertainties, and
assumptions in our business plans, strategy, and related financing. Our actual results could differ materially from the results discussed
in or implied by these forward-looking statements. Factors that could contribute or cause such differences include, but