Celularity Inc. Faces Nasdaq Compliance Challenges and Plan
Celularity Inc. Faces Nasdaq Compliance Challenges
Celularity Inc. (Nasdaq: CELU), a pioneering regenerative medicine company specializing in placental-derived cell therapies and advanced biomaterial solutions, recently received a notice from Nasdaq regarding compliance with listing requirements. This notification highlights a recent setback affecting the company’s filing schedule and operational adjustments.
Notification from Nasdaq
On November 21, the Nasdaq Stock Market informed Celularity that the company had failed to submit its Quarterly Report on Form 10-Q for the period ending September 30. This notice indicates that Celularity must provide a plan to rectify its filing delay and regain compliance by January 20, 2025. Until this plan is accepted by Nasdaq, Celularity's shares will continue to trade under their existing symbols; CELU for common stock and CELUW for warrants.
Compliance Plan Submission
To address this compliance issue, Celularity is actively preparing a corrective plan which must be submitted by the specified deadline. If Nasdaq accepts this plan, the company will have until May 13, 2025, to implement it successfully. Despite the stringent timeline, Celularity is focused on identifying available options that will facilitate the pathway to compliance.
Challenges in Financial Reporting
Celularity is navigating significant challenges associated with its financial reporting processes. The recent filing delays stem from a backlog as the company works diligently to catch up on previous submissions, including first and second-quarter reports for 2024, which were filed successfully ahead of the Q3 Form 10-Q. This indicates that the company is on a path to improving its overall reporting infrastructure.
Company Commitment to Improvements
Robert J. Hariri, M.D., Ph.D., the founder and CEO, has underscored the company’s commitment to enhancing its financial reporting capabilities. He expressed optimism about the completion of the upcoming Q3 filing and reassured stakeholders of the company's dedication to timely and transparent reporting. Hariri emphasized that these improvements are essential for Celularity's long-term success and compliance with Nasdaq requirements.
About Celularity Inc.
Celularity Inc. stands out in the regenerative medicine sector, focusing on developing innovative biomaterials and allogeneic cell therapies sourced from the postpartum placenta. Their therapeutic programs aim to address a variety of age-related conditions, including degenerative diseases and cancer, making effective use of advanced techniques like CAR T-cell therapy and natural killer (NK) cell application.
Significance of Placental Solutions
The company believes strongly in the potential of placental-derived therapies. This unique biological resource not only offers abundant availability but also presents significant opportunities to meet unmet medical needs globally. Celularity strives to provide accessible, efficacious, and affordable therapies to improve patient outcomes.
Investor and Media Contacts
For inquiries about investments, stakeholders can reach out to Carlos Ramirez, Senior Vice President at Celularity Inc. For media-related matters, Raquel Cona and Michaela Fawcett from KCSA Strategic Communications are available to provide information and updates.
Frequently Asked Questions
What triggered the Nasdaq notification for Celularity Inc.?
Celularity Inc. received a notification from Nasdaq due to its failure to file the Quarterly Report on Form 10-Q in time.
What steps is Celularity taking to regain compliance?
The company plans to submit a detailed plan to Nasdaq by January 20, 2025, outlining steps to achieve compliance.
Who is leading Celularity Inc.?
Celularity is led by Robert J. Hariri, M.D., Ph.D., who is the founder and CEO, focusing on improving financial reporting practices.
What types of therapies does Celularity offer?
Celularity develops placental-derived allogeneic cell therapies and advanced biomaterials, addressing various health issues including aging-related diseases and cancer.
How can investors find more information about Celularity?
Investors can visit the company’s website or contact investor relations for the latest updates and detailed information on their operations.
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