Celularity (CELU) Receives Nasdaq Non-compliance Notice

Celularity Inc. (Nasdaq: CELU) announced that on November 21, 2024, the Company received notification from the Listing Qualifications department of the Nasdaq Stock Market LLC (“Nasdaq”) stating that the Company does not comply with the Nasdaq continued listing requirements due to the Company’s inability to timely file its Quarterly Report on Form 10-Q for the period ended September 30, 2024 (the “Q3 Form 10-Q”). Nasdaq’s notice has no immediate effect on the listing of Celularity’s common stock and warrants, which continue to trade on the Nasdaq Capital Market under the symbols “CELU” and “CELUW,” respectively.

The Company is required to submit to Nasdaq a plan to regain compliance with respect to its delinquent report by no later than January 20, 2025, and if accepted, the Company has until May 13, 2025, to implement the plan to regain compliance. The Company intends to submit a plan to Nasdaq by no later than January 20, 2025 and will evaluate available options to regain compliance within the compliance period. However, there can be no assurance that Nasdaq will accept the plan, the Company will regain compliance within the compliance period, or maintain compliance with the other Nasdaq listing requirements.

While the Company has made significant progress in improving its financial reporting infrastructure, these enhancements have required time to implement effectively. The filing delay of the Q3 Form 10-Q primarily results from the backlog associated with the Company’s efforts to become current on its previous filings, including the Forms 10-Q for the first and second quarters of 2024, which were filed recently.

“We acknowledge the challenges associated with our recent delays, but we remain committed to ensuring robust and timely financial reporting,” said Robert J. Hariri, M.D., Ph.D., Founder, Chairman, and CEO of Celularity. “We are nearing the completion of the Q3 Form 10-Q and expect to file it shortly. The improvements we have made to our finance function are setting the stage for long-term success, and we are committed to maintaining compliance going forward.”

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