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GX Acquisition Corp. (NASDAQ: GXGX) announced that its shareholders approved an extension to finalize its business combination with Celularity Inc. The deadline has been pushed back from May 23, 2021, to July 31, 2021. This follows the Merger Agreement signed on January 8, 2021, which will result in Celularity becoming a wholly owned subsidiary of GX. Both companies are working to address SEC comments on their proxy statement/prospectus as they seek to meet closing conditions for the merger.
GX Acquisition Corp. (NASDAQ: GXGX) announced a proposal to extend the deadline for completing its merger with Celularity Inc. from May 23, 2021, to July 31, 2021. The extension is necessary to finalize an accounting review and ensure compliance with SEC regulations. The board unanimously recommends shareholders vote 'FOR' the extension at the special meeting scheduled for May 14, 2021. Shareholders must exercise redemption rights by May 12, 2021. The merger is anticipated to close in Q2 2021, pending shareholder approval and other customary conditions.
Celularity Inc. and GX Acquisition Corp. have entered into a definitive merger agreement to create a publicly traded leader in cellular medicine. The merger, expected to close in Q2 2021, will rename GX Acquisition Corp. to Celularity Inc., trading on Nasdaq under "CELU". The deal includes approximately $292 million from GX's trust account and $80 million from a concurrent PIPE financing. Total expected proceeds amount to $372 million. Celularity plans to advance its innovative therapies targeting cancer and other diseases using placental-derived cells.
