Celularity files amended compliance plan with Nasdaq Hearings Panel

Celularity (CELU) has requested a hearing before the Nasdaq Hearings Panel the Nasdaq Listing Qualifications Department’s determination regarding Celularity’s non-compliance with Nasdaq Listing Rule 5250(c)(1) and to seek an additional extension to regain compliance. As previously announced, Celularity received formal notice from Nasdaq on August 22, 2024, indicating non-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. On September 5, 2024, Celularity submitted an updated compliance plan to Nasdaq, and Nasdaq subsequently granted Celularity an extension until October 14, 2024, to regain compliance with the Rule. On October 16, 2024, Nasdaq notified Celularity that, as the Forms 10-Q had not been filed within the extension period, Celularity would be suspended from trading on The Nasdaq Capital Market at the opening of business on October 25, 2024, unless an appeal was filed by October 23, 2024. On October 23, 2024, Celularity timely filed an appeal and amended compliance plan with the Hearings Panel and requested a hearing, which temporarily stays suspension or delisting action. Celularity also requested that the stay remain in effect through the hearing process and any additional extension period granted by the Hearings Panel. Celularity remains committed to regaining compliance, having filed its Form 10-Q for the period ended March 31, 2024, on October 16, 2024, and is in the final stages of preparing its Form 10-Q for the period ended June 30, 2024. The Hearings Panel has the discretion to grant Celularity up to an additional 180 days to regain compliance, but there is no assurance that Celularity’s appeal will be successful or that Celularity will regain or maintain compliance with the Rule or other Nasdaq listing requirements.