Ocean Biomedical receives noncompliance letter from Nasdaq

Ocean Biomedical (OCEA) announced that it received a letter from Nasdaq stating that on April 18, May 22 and August 19, staff notified the company that it did not comply with Nasdaq’s filing requirements set forth in Listing Rule 5250(c)(1) because it had not filed its Form 10-K for the year ended December 31, and its Forms 10-Q for the periods ended March 31 and June 30, respectively. Based on its review and the materials submitted on June 17 and August 27, staff granted the company an exception until October 14 to regain compliance with the rule. Upon further review, staff determined that the company did not meet the terms of the exception. Specifically, the company has not filed the either its Form 10-K or Forms 10-Q as required by the rule. The company will appeal staff’s determination to a hearings panel, pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series.