Ocean Biomedical Faces Delisting Concerns
Ticker: OCEA · Form: 8-K · Filed: Nov 22, 2024 · CIK: 1869974
Sentiment: bearish
Topics: delisting, listing-rule, compliance
Related Tickers: OCEA
TL;DR
OCEAN facing delisting - stock might get pulled!
AI Summary
Ocean Biomedical, Inc. filed an 8-K on November 22, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule. The filing indicates potential issues with the company's continued listing on the stock exchange, with the earliest event reported being November 18, 2024.
Why It Matters
This filing signals potential financial distress or non-compliance with exchange rules, which could lead to the stock being removed from trading, impacting investors.
Risk Assessment
Risk Level: high — A notice of delisting directly threatens the company's ability to remain publicly traded, posing a significant risk to investors.
Key Players & Entities
- Ocean Biomedical, Inc. (company) — Registrant
- November 18, 2024 (date) — Earliest event reported
- November 22, 2024 (date) — Filing date
FAQ
What specific rule or standard has Ocean Biomedical, Inc. failed to satisfy that led to this notice of delisting?
The filing does not specify the exact rule or standard that Ocean Biomedical, Inc. has failed to satisfy, only that a notice of delisting or failure to satisfy a continued listing rule or standard has been issued.
What is the name of the stock exchange where Ocean Biomedical, Inc. is listed and facing potential delisting?
The filing does not explicitly state the name of the stock exchange where Ocean Biomedical, Inc. is listed and facing potential delisting.
What actions, if any, does Ocean Biomedical, Inc. plan to take to address the delisting concerns?
The provided excerpt of the 8-K filing does not detail any specific actions Ocean Biomedical, Inc. plans to take to address the delisting concerns.
When was the earliest event reported that led to this 8-K filing?
The earliest event reported that led to this 8-K filing was on November 18, 2024.
What is the Commission File Number for Ocean Biomedical, Inc.?
The Commission File Number for Ocean Biomedical, Inc. is 001-40793.
Filing Stats: 820 words · 3 min read · ~3 pages · Grade level 11.7 · Accepted 2024-11-22 16:45:12
Key Financial Figures
- $0.0001 — ction 12(b) of the Act: Common Stock, $0.0001 par value OCEA The Nasdaq Stock Mar
- $11.50 — of common stock at an exercise price of $11.50 OCEAW The Nasdaq Stock Market LLC
Filing Documents
- form8-k.htm (8-K) — 46KB
- ex99-1.htm (EX-99.1) — 14KB
- 0001493152-24-047421.txt ( ) — 284KB
- ocea-20241118.xsd (EX-101.SCH) — 3KB
- ocea-20241118_def.xml (EX-101.DEF) — 29KB
- ocea-20241118_lab.xml (EX-101.LAB) — 36KB
- ocea-20241118_pre.xml (EX-101.PRE) — 26KB
- form8-k_htm.xml (XML) — 5KB
From the Filing
UNITED SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): November 18, 2024 OCEAN BIOMEDICAL, INC. (Exact name of registrant as specified in its charter) Delaware 001-40793 87-1309280 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) 55 Claverick St. , Room 325 Providence , RI 02903 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (401) 444-7375 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Common Stock, $0.0001 par value OCEA The Nasdaq Stock Market LLC Warrants, each warrant exercisable for one share of common stock at an exercise price of $11.50 OCEAW The Nasdaq Stock Market LLC (Title of Each Class) (Trading Symbol) (Name of Each Exchange on Which Registered) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (CFR 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (CFR 240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. Ocean Biomedical, Inc. ( NASDAQ : OCEA), today announced that on November 18, 2024, it received a notice from The Nasdaq Stock Market LLC ("Nasdaq") stating that because the Company has not yet filed its Quarterly Report on Form 10-Q for the period ended September 30, 2024 (the "Form 10-Q"), the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic reports with the Securities and Exchange Commission (the "SEC"). Ocean Biomedical is delayed in filing the Form 10-Q as a result of previously disclosed developments with respect to filing of its 10-K for the year ended December 31, 2023. The current notice will have no immediate effect on the listing or trading of Ocean Biomedical's common stock on Nasdaq, although there can be no assurances that further delays in the filing of the Form 10-Q will not have an impact on the listing or trading of the company's common stock. On October 16, 2024, Staff notified the Company that since it failed to timely file its Form 10-K for the year ended December 31, 2023, and its Forms 10-Q for the periods ended March 31, 2024 and June 30, 2024, the Company's securities were subject to delisting. The Company is now delinquent in the filing its form 10-Q for the period ended September 30, 2024. 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, which hearing is scheduled for December 16, 2024. The Company intends to file the delinquent Forms 10-Q and 10-K as soon as practicable. Item 7.01. Regulation FD Disclosure. On November 22, 2024, the Company issued a press release announcing its receipt of the Notice. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The information contained in this Item 7.01, including in Exhibit 99.1 attached hereto, is "furnished" and not "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the " Exchange Act "), or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference in another filing under the Exchange Act or the Securities Act of 1933, as amended, except to the extent such other filing specifically incorporates such information by reference. Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Description 99.1 Press Release dated November 22, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). SIGNATURE Pursuant to the require