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Ocean Biomedical , Inc. (NASDAQ:OCEA), a pharmaceutical company based in Providence, Rhode Island, disclosed the sale of unregistered equity securities in a recent filing with the Securities and Exchange Commission (SEC). The company, currently valued at approximately $7 million with shares trading at $0.17, had a total of 132,163,312 shares of its common stock issued and outstanding as of Monday.
The company’s filing, dated February 12, 2025, indicates that the securities were sold in a transaction exempt from registration. While the details of the transaction were not disclosed, InvestingPro data shows the stock has experienced significant volatility, with a 37% gain over the past week despite an 82% decline over the previous six months. The details of the transaction, including the number of securities sold and the terms of the sale, were not disclosed in the filing.
Ocean Biomedical, which is classified under the pharmaceutical preparations industry, operates under the jurisdiction of Delaware with an IRS identification number of 87-1309280. The company’s common stock and warrants are listed on The Nasdaq Stock Market under the symbols OCEA and OCEAW, respectively. Each warrant is exercisable for one share of common stock at an exercise price of $11.50.
The company’s principal executive offices are located at 55 Claverick St., Room 325, Providence, RI, 02903, with a business phone number of (401) 444-7375. The company has previously undergone name changes from Ocean Biomedical, Inc./DE and Aesther Healthcare Acquisition Corp.
This report is based on a statement made in the press release issued by Ocean Biomedical, Inc. and filed with the SEC. It’s important for investors to note that the sale of unregistered securities typically involves transactions with accredited investors or other parties who meet certain eligibility criteria. According to InvestingPro, the company’s overall financial health score is rated as "FAIR," with 8 additional key insights available to subscribers. The company has not provided additional information about the specific investors involved or the intended use of the proceeds from the sale at this time.
In other recent news, Ocean Biomedical has made significant strides in cancer immunotherapy research, showing potential for new treatment options for non-small cell lung cancer. Collaborating with Yale and Brown universities, they’ve found that their immunotherapy candidates can work synergistically with tyrosine kinase inhibitors, potentially suppressing tumor growth and counteracting resistance to certain treatments. Ocean Biomedical has also made changes to its financial oversight, appointing Berkowitz Pollack Brant as its new independent registered public accounting firm.
However, the company faces challenges with Nasdaq’s listing rules. Ocean Biomedical is at risk of being delisted due to non-compliance with Nasdaq’s minimum Market Value of Listed Securities requirement and the rule mandating an annual meeting of shareholders. Furthermore, the company’s share price has fallen below the $1 threshold for 30 consecutive business days, putting its listing further at risk.
These developments underline the importance of adhering to market regulations and the potential consequences of non-compliance. They also highlight the company’s ongoing efforts in cancer research and financial transparency. As these are recent developments, the situation is dynamic and further updates are anticipated.
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