Ocean Biomedical Faces Delisting Concerns
Ticker: OCEA · Form: 8-K · Filed: Dec 9, 2024 · CIK: 1869974
Sentiment: bearish
Topics: delisting, compliance, exchange-listing
Related Tickers: OCEA
TL;DR
OCEAN facing delisting issues, stock could be pulled.
AI Summary
Ocean Biomedical, Inc. filed an 8-K on December 9, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule or standard. The filing indicates a potential issue with the company's continued listing on the stock exchange, as of December 3, 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.
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
- December 3, 2024 (date) — Earliest event reported
- December 9, 2024 (date) — Filing date
FAQ
What specific rule or standard has Ocean Biomedical, Inc. failed to satisfy?
The filing states it is a 'Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard' but does not specify the exact rule in the provided text.
What is the exact date of the event triggering this notice?
The earliest event reported is December 3, 2024.
What is the company's CIK number?
The company's Central Index Key (CIK) is 0001869974.
What is the SEC file number for Ocean Biomedical, Inc.?
The SEC file number is 001-40793.
What is the company's primary business as indicated by its SIC code?
The Standard Industrial Classification (SIC) code is 2834, which corresponds to Pharmaceutical Preparations.
Filing Stats: 540 words · 2 min read · ~2 pages · Grade level 12.7 · Accepted 2024-12-09 16:30:09
Key Financial Figures
- $0.0001 — ction 12(b) of the Act: Common Stock, $0.0001 par value OCEA The Nasdaq Stock Ma
- $11.50 — of common stock at an exercise price of $11.50 OCEAW The Nasdaq Stock Market LLC
- $1 — ties to maintain a minimum bid price of $1 per share. Based upon the closing bid p
Filing Documents
- form8-k.htm (8-K) — 39KB
- 0001493152-24-049281.txt ( ) — 260KB
- ocea-20241203.xsd (EX-101.SCH) — 4KB
- ocea-20241203_def.xml (EX-101.DEF) — 29KB
- ocea-20241203_lab.xml (EX-101.LAB) — 36KB
- ocea-20241203_pre.xml (EX-101.PRE) — 27KB
- form8-k_htm.xml (XML) — 6KB
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): December 3, 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 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. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: December 9, 2024 OCEAN BIOMEDICAL, INC. By: /s/ Jolie Kahn Jolie Kahn Chief Financial Officer