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Celularity faces Nasdaq delisting over late financial reports

Published 25/05/2024, 07:26 am
© Reuters.
CELU
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FLORHAM PARK, N.J. - Celularity Inc. (NASDAQ:CELU), a biotechnology firm specializing in regenerative medicine, is currently out of compliance with Nasdaq's listing requirements due to delayed financial filings. The company has not submitted its Form 10-Q for the first quarter of 2024, nor its annual report for the year ended December 31, 2023.

The Nasdaq Listing Qualifications department notified Celularity on Monday that its failure to file the required periodic financial reports could lead to the delisting of its common stock and warrants, which are traded on the Nasdaq Capital Market under the symbols "CELU" and "CELUW." Despite the notice, trading of Celularity's securities remains unaffected at present.

Celularity has until June 17, 2024, to present a plan to regain compliance. If Nasdaq accepts the plan, the company will have until October 14, 2024, to fulfill the necessary conditions. While Celularity intends to submit a plan by the deadline, it is uncertain whether Nasdaq will approve it or if the company will manage to comply within the designated timeframe.

The company is actively working to file its overdue 2023 Form 10-K and Q1 2024 Form 10-Q as it evaluates options to regain compliance. However, there is no certainty that Celularity will maintain compliance with other Nasdaq listing requirements.

Celularity's focus is on developing placental-derived cell therapies and biomaterial products to treat diseases related to aging, such as degenerative diseases, cancer, and immune disorders. The company utilizes mesenchymal-like adherent stromal cells, CAR T-cells, and natural killer cells in its therapeutic programs.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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