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…
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