Celularity Inc. Announces Resolution of Nasdaq Listing Compliance Matter
Celularity Inc. (CELU) has resolved its Nasdaq listing compliance matter after curing its filing delinquency. The company had previously received notification of non-compliance with Nasdaq Listing Rule 5250(c)(1) due to delayed quarterly reports for March and June 2024. Celularity successfully filed both outstanding Form 10-Q reports by November 7, 2024, achieving compliance and ensuring continued listing on Nasdaq. The filing delays were attributed to financial challenges in the biotech sector affecting access to capital and audit services. The company has implemented improvements including engaging EisnerAmper LLP as its independent auditor and enhancing internal controls.
Celularity Inc. (CELU) ha risolto la questione di conformità con la quotazione Nasdaq dopo aver sanato la propria morosità nella presentazione dei documenti. In precedenza, la società aveva ricevuto una notifica di non conformità con la Nasdaq Listing Rule 5250(c)(1) a causa di ritardi nei rapporti trimestrali per marzo e giugno 2024. Celularity ha presentato con successo entrambi i rapporti Form 10-Q in sospeso entro il 7 novembre 2024, raggiungendo la conformità e garantendo la continuazione della quotazione su Nasdaq. I ritardi nella presentazione sono stati attribuiti a sfide finanziarie nel settore biotech che hanno influenzato l'accesso al capitale e ai servizi di revisione. La società ha implementato miglioramenti, tra cui l'ingaggio di EisnerAmper LLP come revisore indipendente e il potenziamento dei controlli interni.
Celularity Inc. (CELU) ha resuelto su problema de cumplimiento de cotización en Nasdaq tras subsanar su morosidad en la presentación. La empresa había recibido anteriormente una notificación de incumplimiento con la Nasdaq Listing Rule 5250(c)(1) debido a informes trimestrales retrasados para marzo y junio de 2024. Celularity presentó con éxito ambos informes pendientes del Form 10-Q antes del 7 de noviembre de 2024, logrando así el cumplimiento y asegurando la continuidad en su cotización en Nasdaq. Los retrasos en la presentación se atribuyeron a desafíos financieros en el sector biotecnológico que afectaron el acceso al capital y a los servicios de auditoría. La empresa ha implementado mejoras, incluyendo la contratación de EisnerAmper LLP como su auditor independiente y el fortalecimiento de los controles internos.
셀룰러티 Inc. (CELU)는 제출 지연 문제를 해결하여 Nasdaq 상장 준수 사항을 해결했습니다. 이 회사는 2024년 3월과 6월 분기의 보고서 지연으로 인해 Nasdaq Listing Rule 5250(c)(1) 비준수 통지를 받았습니다. 셀룰러티는 2024년 11월 7일까지 두 개의 미제출 Form 10-Q 보고서를 성공적으로 제출하여 준수를 달성하고 Nasdaq에서의 지속적인 상장을 보장했습니다. 제출 지연은 자본 접근 및 감사 서비스에 영향을 미친 생명공학 부문의 재정적 어려움으로 귀속되었습니다. 이 회사는 EisnerAmper LLP를 독립 감사인으로 고용하고 내부 통제를 강화하는 등 개선 사항을 구현했습니다.
Celularity Inc. (CELU) a résolu son problème de conformité concernant la cotation sur Nasdaq après avoir régularisé son retard de dépôt. L'entreprise avait précédemment reçu une notification de non-conformité avec la règle de cotation Nasdaq 5250(c)(1) en raison de dépôts trimestriels retardés pour mars et juin 2024. Celularity a réussi à soumettre les deux rapports Form 10-Q en attente avant le 7 novembre 2024, atteignant ainsi la conformité et garantissant la continuité de sa cotation sur Nasdaq. Les retards dans les dépôts ont été attribués à des défis financiers dans le secteur biotechnologique affectant l'accès au capital et aux services d'audit. L'entreprise a mis en œuvre des améliorations, y compris l'engagement de EisnerAmper LLP en tant qu'auditeur indépendant et le renforcement des contrôles internes.
Celularity Inc. (CELU) hat sein Problem mit der Nasdaq-Listing-Compliance gelöst, nachdem es seine verspätete Einreichung behoben hat. Das Unternehmen hatte zuvor eine Mitteilung über die Nichteinhaltung der Nasdaq Listing Rule 5250(c)(1) erhalten, was auf verspätete Quartalsberichte für März und Juni 2024 zurückzuführen war. Celularity hat beide ausstehenden Form 10-Q-Berichte bis zum 7. November 2024 erfolgreich eingereicht, was die Compliance sicherstellte und die fortgesetzte Listung an der Nasdaq garantierte. Die Einreichungsverzögerungen wurden auf finanzielle Herausforderungen im Biotechnologiesektor zurückgeführt, die den Zugang zu Kapital und Prüfungsdienstleistungen beeinträchtigten. Das Unternehmen hat Verbesserungen vorgenommen, darunter die Beauftragung von EisnerAmper LLP als unabhängigen Prüfer und die Verbesserung der internen Kontrollen.
- Resolution of Nasdaq listing compliance issue, maintaining market listing
- Implementation of process improvements and engagement of new audit firm
- Previous filing delinquency indicates financial reporting challenges
- Company facing significant financial challenges affecting operations
- access to capital due to biotech sector difficulties
Insights
The resolution of Nasdaq listing compliance is a critical development for Celularity, addressing a significant risk that could have led to delisting. The company has successfully filed its delayed quarterly reports and implemented key improvements, including engaging EisnerAmper LLP as auditor. However, the underlying issues raise concerns about financial stability - the disclosure that financial challenges affected their ability to secure basic audit services suggests serious cash constraints. With a small market cap of
FLORHAM PARK, N.J., Nov. 18, 2024 (GLOBE NEWSWIRE) -- Celularity Inc. (Nasdaq: CELU) (“Celularity”), a regenerative and cellular medicine company, today announced that the Nasdaq Listing Qualifications Hearings Panel (the “Hearings Panel”) has cancelled the previously scheduled hearing regarding Celularity’s non-compliance with Nasdaq Listing Rule 5250(c)(1) (the “Rule”), as the Company has cured its filing delinquency. The matter is now closed, and Nasdaq has confirmed that Celularity’s stock will continue to be listed and traded on The Nasdaq Stock Market.
This resolution follows Nasdaq’s prior notification on October 16, 2024, indicating that Celularity was not in compliance with the Rule due to the delayed filing of its quarterly reports on Forms 10-Q for the periods ended March 31, 2024, and June 30, 2024. As disclosed, Celularity filed an appeal and amended compliance plan with the Hearings Panel, seeking an extension to regain compliance. Subsequently, Celularity filed its Form 10-Q for the period ended March 31, 2024, on October 16, 2024, and its Form 10-Q for the period ended June 30, 2024, on November 7, 2024, achieving compliance with Nasdaq requirements.
“We are pleased to have met Nasdaq’s requirements and to resolve this matter, allowing us to continue trading on The Nasdaq Stock Market,” said Robert J. Hariri, M.D., Ph.D., Founder, Chairman, and CEO of Celularity. “This milestone reflects our dedication to transparency and regulatory compliance. We remain committed to building a robust foundation to support timely financial reporting and our mission to harness the potential of the placenta to develop transformative therapies.”
The delays in filing were primarily due to significant financial challenges impacting the biotechnology sector, which restricted access to capital and affected Celularity’s ability to secure essential audit and financial advisory services. Despite these challenges, Celularity implemented meaningful process improvements, including engaging EisnerAmper LLP as its independent audit firm and enhancing internal controls.
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
Media Contacts:
Raquel Cona / Michaela Fawcett
KCSA Strategic Communications
rcona@kcsa.com / mfawcett@kcsa.com
FAQ
Has Celularity (CELU) resolved its Nasdaq listing compliance issues?
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