Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 662

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 4
Chunk 662
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9.
Equity

Common
Stock

The
holders of common stock of the Company are entitled to dividends when and if declared by the 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 December 31, 2024 and 2023, the Company
had 300.0 million authorized shares 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 Securities
Exchange Commission (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, 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