Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 316

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 2
Chunk 316
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 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, August 19, 2024 and November 18, 2024, the Company received similar notices with regard to its Quarterly Reports on Form 10-Q for
the periods ended March 31, 2024, June 30, 2024 and September 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 will not have an impact on the listing or trading of the Company’s common stock. The Company submitted a revised
plan to regain compliance with respect to the filing requirement, and the Company filed the delinquent Form 10-K on November 25, 2024
and the Quarterly Reports on Form 10-Q for the periods ended March 31, 2024 and June 30, 2024 on December 23, 2024.

On
December 3, 2024, Ocean Biomedical, Inc.. (the “Company”) received a letter from 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