FLORHAM PARK, N.J., Nov. 24, 2023 (GLOBE NEWSWIRE) -- Celularity Inc. (Nasdaq: CELU) (the "Company"), a biotechnology company developing allogeneic cell therapies and biomaterial products, announced today that on November 21, 2023, the Company received notification from the Listing Qualifications department of the Nasdaq Stock Market LLC ("Nasdaq") stating that the Company is not in compliance with Nasdaq's continued listing requirements of the Company's failure to timely file a Form 10-Q for the third quarter of 2023.
The Company is required to submit to Nasdaq a plan to regain compliance within 60 calendar days, or by January 22, 2024, and if accepted, the Company has a period of 180 calendar days from the Q3 2023 Form 10-Q due date, or until May 20, 2024, to implement the plan to regain compliance. The Company intends to submit a plan to Nasdaq within the 60-day period and will evaluate available options to regain compliance within the compliance period. However, there can be no assurance that the Company will regain compliance within the compliance period, or maintain compliance with the other Nasdaq listing requirements. As previously disclosed, the Company is currently not in compliance with Nasdaq's minimum bid price requirement for continued listing on the Nasdaq Capital Market under Nasdaq Listing Rule 5450(a)(1) and has until March 11, 2024, to regain compliance. If the Company chooses to implement a reverse stock split, it must be completed no later than 10 business days prior to March 11, 2024 to timely regain compliance. If it appears to Nasdaq that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, Nasdaq will provide notification that the Company's common stock will be subject to delisting.
About Celularity
Celularity Inc. (Nasdaq: CELU) headquartered in Florham Park, N.J., is a biotechnology company leading the next evolution in cellular and regenerative medicine by developing allogeneic cryopreserved off-the-shelf placental-derived cell therapies, including therapeutic programs using mesenchymal-like adherent stromal cells (MLASCs), T-cells engineered with CAR (CAR T-cells), and natural killer (NK) cells. These therapeutic programs target indications in autoimmune, infectious and degenerative diseases, and cancer. In addition, Celularity develops, manufactures and commercializes innovative biomaterial products also derived from the postpartum placenta. 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.
To learn more, visit www.celularity.com.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995, as well as within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the 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 statements regarding the Company's ability to regain compliance with Nasdaq's continued listing requirements within the prescribed compliance periods, among others. Many factors could cause actual results to differ materially from those described in these forward-looking statements, including but not limited to the risks associated with the Company's current liquidity, along with those risk factors set forth under the caption "Risk Factors" in the Company's annual report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 31, 2023, and other filings with the SEC. There may be additional risks that the Company does not presently know, or that the Company 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 the Company'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 the Company's views as of any subsequent date, and the Company 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.
Celularity Investor Contact:
Carlos Ramirez, Senior Vice President
Celularity Inc.
Carlos.ramirez@celularity.com
