FLORHAM PARK, N.J., Dec. 10, 2024 (GLOBE NEWSWIRE) -- Celularity Inc. (Nasdaq: CELU) (“Celularity” or the “Company”), a regenerative and cellular medicine company, today announced that it has received a letter from the Listing Qualifications department of the Nasdaq Stock Market LLC (“Nasdaq”), confirming that Celularity has regained compliance with Nasdaq Listing Rule 5250(c)(1) (the “Rule”). Following the filing of its Quarterly Report on Form 10-Q for the period ended September 30, 2024, Nasdaq has determined that the matter is now closed.
“We are pleased to have fully addressed Nasdaq’s requirements and resolved this matter, ensuring that our stock remains listed and continues to trade on the Nasdaq Capital Market,” said Robert J. Hariri, M.D., Ph.D., Founder, Chairman, and CEO of Celularity. “This milestone reflects our commitment to regulatory compliance and transparency. The significant improvements we’ve made to our financial reporting infrastructure will serve as a strong foundation for our future growth and success.”
The filing delays were primarily the result of challenges associated with Celularity’s efforts to address a backlog of prior filings, including the Forms 10-Q for the first and second quarters of 2024, which were filed recently. Celularity has implemented meaningful process improvements, including engaging EisnerAmper LLP as its independent audit firm and enhancing its internal controls.
“We are confident in the steps we’ve taken to strengthen our finance function and ensure timely and accurate reporting going forward,” Dr. Hariri continued. “This resolution marks a critical turning point for Celularity as we continue advancing our mission to harness the potential of the placenta to develop transformative therapies.”
About Celularity
Celularity Inc. (Nasdaq: CELU) is a regenerative medicine company developing and commercializing advanced biomaterial products and allogeneic, cryopreserved, placental-derived cell therapies, all derived from the postpartum placenta. Its therapeutic programs target aging-related diseases, including degenerative diseases, cancer, and immune disorders, using mesenchymal-like adherent stromal cells (MLASCs), T-cells engineered with CAR (CAR T-cells), and genetically modified and unmodified natural killer (NK) cells. Celularity believes that by harnessing the placenta’s unique biology and ready availability, it can develop therapeutic solutions that address significant unmet global needs for effective, accessible, and affordable therapies. For more information, visit www.celularity.com.
Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, as well as within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts are “forward-looking statements,” including those relating to future events. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “can,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intends,” “may,” “might,” “outlook,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “strive,” “target,” “will,” “would” and the negative of terms like these or other comparable terminology, and other words or terms of similar meaning. The forward-looking statements in this press release include express or implied statements regarding Celularity’s ability to strengthen its financial and operational processes, its ability to timely addressing any financial reporting backlog, and the impact of any improvements on long term growth or success. Many factors could cause actual results to differ materially from those described in these forward-looking statements, including but not limited to: Celularity’s liquidity situation; the volatility in Celularity’s stock price; inherent risks in biotechnological development, including with respect to the development of novel advanced biomaterials; and the regulatory approval process; along with those risk factors set forth under the caption “Risk Factors” in Celularity’s annual report on Form 10-K filed with the Securities and Exchange Commission (SEC) on July 30, 2024, and other filings with the SEC. If any of these risks materialize or underlying assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Celularity does not presently know, or that Celularity currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, these forward-looking statements reflect Celularity’s current expectations, plans, or forecasts of future events and views as of the date of this communication. Subsequent events and developments could cause assessments to change. Accordingly, forward-looking statements should not be relied upon as representing Celularity’s views as of any subsequent date, and Celularity undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Investor Contact: Carlos Ramirez Senior Vice President, Celularity Inc. Carlos.ramirez@celularity.com
