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Ocean Biomedical, Inc. (NASDAQ:OCEA), a pharmaceutical preparations company with a market capitalization of $22.32 million, has announced the appointment of Berkowitz Pollack Brant (BPB) as its new independent registered public accounting firm. The decision, effective as of Tuesday, was approved by the company's Audit Committee for the fiscal year ending December 31, 2024.
The engagement with BPB comes as part of the company's regular financial oversight and reporting processes. According to InvestingPro data, Ocean Biomedical currently shows weak financial health metrics, with short-term obligations exceeding liquid assets.
Ocean Biomedical, headquartered in Providence, Rhode Island, has confirmed that during its two most recent fiscal years, ending December 31, 2023, and December 31, 2022, as well as the interim period up until today, it did not consult BPB on any issues that would require disclosure under Items 304(a)(2)(i) and (ii) of Regulation S-K.
The appointment signifies a routine change in the company's financial management team and is a common practice among publicly traded companies to ensure compliance with financial reporting requirements. The newly appointed firm, BPB, is tasked with auditing the company's financial statements, ensuring accuracy and compliance with applicable financial reporting standards.
Ocean Biomedical operates within the pharmaceutical industry, focusing on the development and preparation of medicinal products. The company's common stock and warrants are traded on The Nasdaq Stock Market under the ticker symbols OCEA and OCEAW respectively, each warrant exercisable for one share of common stock at an exercise price of $11.50.
InvestingPro analysis shows the stock trading at $0.63, having declined nearly 59% over the past six months, though currently trading below its Fair Value. Subscribers can access additional insights and 6 more ProTips about OCEA's financial outlook.
In other recent news, Ocean Biomedical, Inc. is grappling with a potential delisting from Nasdaq due to non-compliance with minimum Market Value of Listed Securities (MVLS) and bid price requirements.
The pharmaceutical company has been granted a 180-day compliance period to meet these criteria. Simultaneously, Ocean Biomedical has dismissed Deloitte & Touche LLP as its independent registered public accounting firm, citing no disagreements regarding financial disclosures or auditing practices.
In an executive shift, M. Michelle Berrey has been appointed as the Interim Chief Executive Officer, following the sabbatical of previous CEO, Elizabeth Ng. Recent financial developments include Ocean Biomedical securing a 22% ownership stake in Virion Therapeutics through a $9 million deal and procuring an additional $7.675 million in funding via secured notes and equity issuance.
Additionally, the company revised its earnout shares agreement, resulting in the issuance of 18 million restricted shares to pre-merger shareholders, and settled obligations with two institutional investors by issuing 225,000 shares of restricted common stock.
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