Ocean Biomedical, Inc. (OCEA): auditor change — Ocean Biomedical restates Q1/Q2 2023 financials over Backstop Agreement classification error

Ocean Biomedical, Inc.

Audit Committee on Nov 10 concluded prior Q1 and Q2 2023 financials should no longer be relied upon.
Issue follows SEC Staff interpretation on Forward Purchase Agreements; prepayment recorded as asset instead of equity.
Prepaid forward transaction and minimum maturity consideration should be classified as liabilities.
Prior earnings releases, guidance, and investor communications referencing those statements also unreliable.

item 4.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Ocean Biomedical, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

On November 10, 2023, the Audit Committee of Ocean Biomedical, after considering the recommendations of management, concluded that Ocean Biomedical’s previously issued consolidated financial statements as of and for the quarters ended March 31, 2023 and June 30, 2023 (collectively, the “Previous Financial Statements”), included in Ocean Biomedical’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, its Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, its Registration Statement on Form S-1 (Registration No. 333-271392) effective June 22, 2023, and its Registration on Form S-1 (Registration No. 333-272859) effective July 7, 2023, should no longer be relied upon.

View on SEC.gov

58 auditor changes filed in the last 30 days. Browse all auditor changes →

Ocean Biomedical, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-041387

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.