Company: OCEA
Filing Date: 2025-01-13
Form Type: 10-Q
Source: 0001493152-25-001880
Chunk: 71

Company: Ocean Biomedical, Inc.
Filing Date: 2025-01-13
Form: 10-Q
Item: Item 1
Chunk 71
---
daq 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 are not limited
to, the information below and the information discussed in the section titled “Cautionary Note Regarding Forward-looking Statements.”

On
February 14, 2023, we consummated a business combination (the “Business Combination”) pursuant to that certain Agreement
and Plan of Merger, dated August 31, 2022, as amended on December 5, 2022 by Amendment No. 1 (as amended, the “Business Combination
Agreement”), by and among Ocean Biomedical, Inc., formerly known as Aesther Healthcare Acquisition Corp. (the “Company”),
AHAC Merger Sub, Inc., a Delaware corporation, Aesther Healthcare Sponsor