Celularity Inc. Announces Receipt of Nasdaq Notice Regarding Late Form 10-K Filing
- Celularity Inc. received a notice from Nasdaq regarding the late filing of its Form 10-K for 2023.
- The non-compliance threatens Celularity's listing on the Nasdaq stock exchange.
- The company has 60 days to submit a plan to regain compliance and until October 14, 2024, to implement it.
- Celularity Inc. intends to submit a plan but cannot guarantee regaining compliance or continued listing.
- The company is actively working on filing the overdue Annual Report on Form 10-K.
- Risk of potential delisting from Nasdaq if Celularity fails to regain compliance by October 14, 2024.
FLORHAM PARK, N.J., April 19, 2024 (GLOBE NEWSWIRE) -- Celularity Inc. (NASDAQ: CELU) (the “Company”), a regenerative medicine company developing placental-derived allogeneic cell therapies and advanced biomaterial products, announced today that on April 17, 2024, the Company received notification from the Listing Qualifications department of the Nasdaq Stock Market LLC (“Nasdaq”) stating that because the Company has not yet filed its Annual Report on Form 10-K for the year ended December 31, 2023, it is no longer in compliance with Nasdaq’s continued listing requirements which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission. Nasdaq’s notice has no immediate effect on the listing of Celularity’s common stock and warrants, which continue to trade on the Nasdaq Capital Market under the symbols “CELU” and “CELUW,” respectively.
The Company is required to submit to Nasdaq a plan to regain compliance within 60 calendar days, or by June 17, 2024, and if accepted, the Company has a period of 180 calendar days from its 2023 Form 10-K due date, or until October 14, 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.
The Company is working diligently to file its Annual Report on Form 10-K and will provide an update once more information is available.
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.
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 the expected timing of the Company’s filing of its Annual Report on Form 10-K for the year ended December 31, 2023, the potential submission of a plan to Nasdaq and the potential for Nasdaq to accept such plan or grant the Company an exception period, and the Company’s ability to regain compliance with the Nasdaq continued listing standards. Many factors could cause actual results to differ materially from those described in these forward-looking statements, including but not limited to: the Company’s liquidity situation; the volatility in the Company’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 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. 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 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.
Investor Contact:
Carlos Ramirez
Senior Vice President, Celularity Inc.
Carlos.ramirez@celularity.com
Media Contact:
Ali Nagy / Michaela Fawcett
KCSA Strategic Communications
anagy@kcsa.com / mfawcett@kcsa.com
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