Ocean Biomedical Reports Receipt Of Notice From Nasdaq Regarding Late Filing Of Quarterly Report On Form 10-Q
Portfolio Pulse from Benzinga Newsdesk
Ocean Biomedical received a notice from Nasdaq due to the late filing of its quarterly report on Form 10-Q. The company is restating its financial statements for Q1 and Q2 of 2023 and must submit a compliance plan by January 22, 2024.
November 29, 2023 | 10:43 pm
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Ocean Biomedical is required to restate its financials for the first two quarters of 2023 and must submit a plan to Nasdaq to regain compliance by January 22, 2024.
The notice from Nasdaq regarding the late filing and the need to restate financial statements could negatively impact investor confidence in Ocean Biomedical. This may lead to a short-term decline in the stock price as investors may perceive the restatement as a sign of potential issues with the company's financial controls or accuracy of reported results. The requirement to submit a compliance plan adds to the uncertainty.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100