Ocean Biomedical, Inc. (NASDAQ:OCEA), a pharmaceutical company, has received a notice from the Nasdaq Stock Market indicating that the company is at risk of being delisted due to non-compliance with Nasdaq's listing rules.
The notice, dated January 7, 2025, states that Ocean Biomedical has not held an annual meeting of shareholders within twelve months following the end of its fiscal year on December 31, 2023, violating Nasdaq's Listing Rules 5620(a) and 5810(c)(2)(G).
The company has been given until January 14, 2025, to present its position on this new deficiency to the Panel in writing.
Ocean Biomedical has indicated plans to hold its annual shareholder meeting by March 31, 2025, in an effort to regain compliance with the Nasdaq's requirements. The company, incorporated in Delaware with a business address in Providence, RI, is listed under the pharmaceutical preparations industry and operates under the name 03 Life Sciences.
The company's common stock, with a par value of $0.0001, and warrants, each exercisable for one share of common stock at an exercise price of $11.50, are both traded on the Nasdaq Stock Market under the symbols OCEA and OCEAW, respectively.
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