Home Economy Economic Activity Ocean Biomedical faces Nasdaq delisting

Ocean Biomedical faces Nasdaq delisting

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PBN Staff

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11/26/2024

Ocean-Biomedical Logo — OCEAN BIOMEDICAL Inc. faces being kicked off the Nasdaq exchange for failing to file its quarterly and other financial reports to the Securities and Exchange Commission.

PROVIDENCE – Ocean Biomedical Inc. is at risk of being kicked off the Nasdaq exchange for failing to file quarterly and other required financial reports to the Securities and Exchange Commission. On Nov. 22, Ocean Biomedical acknowledged it received a notice from Nasdaq that the company had not filed its quarterly report on Form 10-Q

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PROVIDENCE – Ocean Biomedical Inc. is at risk of being kicked off the Nasdaq exchange for failing to file quarterly and other required financial reports to the Securities and Exchange Commission. On Nov. 22, Ocean Biomedical acknowledged it received a notice from Nasdaq that the company had not filed its quarterly report on Form 10-Q for the period ended Sept. 3. Nasdaq rules require the timely filing of all required periodic reports with the SEC. Nasdaq previously notified Ocean Biomedical on Oct. 16 that its securities were subject to delisting since it failed to timely file its Form 10-K for the year ended Dec. 31, 2023, and its Forms 10-Q for the periods ended March 31, 2024 and June 30, 2024. A hearing is slated for Dec. 16. In a statement, Ocean Biomedical said the delay in filing the quarterly report Sept. 30 was a result of previously disclosed developments with respect to filing of its 10-K for the year ended Dec. 31, 2023. In an SEC filing in Nov. 2023, Ocean Biomedical claimed that it received information that it recorded forward purchase agreements and prepayments as assets, which is not allowed and should have been listed as liabilities. The company said an audit determined its 2023 statements should not be relied upon, according to the filing. “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,” Ocean Biomedical said in a statement. The company said it also intends to file the delinquent Forms 10-Q and 10-K as soon as practicable. Providence-based Ocean Biomedical, which launched out of Brown University in 2019 and went public in February 2023, describes itself as a “medical research innovation incubator.” Through facilitating partnerships between researchers and institutions, and by dispersing funding and expertise, the company is seeking to develop new therapies targeting lung cancer, brain cancer, pulmonary fibrosis and malaria. The company was founded by Dr. Jack Elias, former dean of Brown University’s Warren Alpert Medical School; Dr. Jake Kurtis, chairman of pathology and laboratory medicine at Brown; and digital health entrepreneur Chirinjeev Kathuria. In Nov. 2023, Ocean Biomedical, working with joint venture partner Virion Therapeutics LLC, announced "highly compelling" preclinical data in research to develop new therapies for cancer and chronic diseases.