Celularity Inc. Announces Resolution of Nasdaq Listing Compliance Matter
Celularity (Nasdaq: CELU) has successfully regained compliance with Nasdaq Listing Rule 5250(c)(1) following the filing of its Q3 2024 10-Q report. The company had faced listing compliance issues due to delayed filings of Q1 and Q2 2024 reports. To address these challenges, Celularity has implemented significant improvements to its financial reporting infrastructure, including engaging EisnerAmper LLP as its independent audit firm and enhancing internal controls. The resolution ensures the company's continued listing on the Nasdaq Capital Market.
Celularity (Nasdaq: CELU) ha riacquistato con successo la conformità con la Regola di Quotazione 5250(c)(1) del Nasdaq dopo aver presentato il suo rapporto 10-Q per il terzo trimestre del 2024. L'azienda aveva affrontato problemi di conformità alle quotazioni a causa dei ritardi nella presentazione dei rapporti del primo e secondo trimestre del 2024. Per affrontare queste sfide, Celularity ha implementato miglioramenti significativi alla sua infrastruttura di reporting finanziario, incluso l'ingaggio di EisnerAmper LLP come sua società di revisione indipendente e il potenziamento dei controlli interni. La risoluzione garantisce il mantenimento della quotazione dell'azienda sul Nasdaq Capital Market.
Celularity (Nasdaq: CELU) ha recuperado con éxito la conformidad con la Regla de Cotización 5250(c)(1) del Nasdaq tras la presentación de su informe 10-Q del tercer trimestre de 2024. La empresa había enfrentado problemas de conformidad en la cotización debido a retrasos en la presentación de los informes del primer y segundo trimestre de 2024. Para abordar estos desafíos, Celularity ha implementado mejoras significativas en su infraestructura de informes financieros, incluyendo la contratación de EisnerAmper LLP como su firma de auditoría independiente y el reforzamiento de los controles internos. La resolución asegura la continuación de la cotización de la empresa en el Nasdaq Capital Market.
셀룰라리티 (Nasdaq: CELU)는 2024년 3분기 10-Q보고서를 제출한 후 Nasdaq 상장 규칙 5250(c)(1)에 대한 준수를 성공적으로 회복했습니다. 회사는 2024년 1분기와 2분기 보고서 제출 지연으로 인해 상장 준수 문제에 직면했습니다. 이러한 문제를 해결하기 위해 셀룰라리티는 EisnerAmper LLP를 독립 감사 회사로 채택하고 내부 통제를 강화하는 등 재무 보고 인프라에 중요한 개선을 시행했습니다. 이 해결책은 회사가 Nasdaq 자본 시장에 계속 상장될 수 있도록 보장합니다.
Celularity (Nasdaq: CELU) a réussi à retrouver sa conformité avec la règle de cotation 5250(c)(1) du Nasdaq après avoir déposé son rapport 10-Q pour le troisième trimestre de 2024. L'entreprise avait rencontré des problèmes de conformité à cause de retards dans le dépôt des rapports des premier et deuxième trimestres de 2024. Pour relever ces défis, Celularity a mis en œuvre d'importantes améliorations de son infrastructure de reporting financier, notamment en engageant EisnerAmper LLP en tant que cabinet d'audit indépendant et en renforçant les contrôles internes. Cette résolution assure la continuité de la cotation de l'entreprise sur le Nasdaq Capital Market.
Celularity (Nasdaq: CELU) hat erfolgreich die Einhaltung der Nasdaq-Listing-Regel 5250(c)(1) wiederhergestellt, nachdem der Bericht 10-Q für das dritte Quartal 2024 eingereicht wurde. Das Unternehmen hatte aufgrund verspäteter Einreichungen der Berichte für das erste und zweite Quartal 2024 Probleme mit der Listing-Konformität. Um diese Herausforderungen zu bewältigen, hat Celularity erhebliche Verbesserungen seiner Finanzberichterstellungsinfrastruktur umgesetzt, einschließlich der Beauftragung von EisnerAmper LLP als unabhängiges Prüfungsunternehmen und der Verstärkung der internen Kontrollen. Die Lösung gewährleistet die Fortsetzung der Listung des Unternehmens am Nasdaq Capital Market.
- Regained Nasdaq listing compliance, avoiding potential delisting risk
- Strengthened financial reporting infrastructure with new audit firm
- Enhanced internal controls implemented
- Previous delays in filing Q1 and Q2 2024 financial reports
- Required remediation of financial reporting processes indicates prior internal control weaknesses
Insights
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
Media Contact:
Raquel Cona / Michaela Fawcett
KCSA Strategic Communications
rcona@kcsa.com / mfawcett@kcsa.com
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