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Celularity Inc., a biopharmaceutical company, has received a formal notice from the Nasdaq Stock Market indicating non-compliance with the exchange's listing rules due to delayed financial reporting. The notice, issued on August 22, 2024, comes after the company failed to file its quarterly report for the period ending June 30, 2024, within the extended deadline.
The company, which specializes in pharmaceutical preparations and is listed under the ticker CELU for its common stock and CELUW for its warrants, had previously delayed its Q1 2024 Form 10-Q. This latest delay marks a continued inability to meet Nasdaq's timely filing criteria as outlined in Listing Rule 5250(c)(1).
Despite the notice, trading of Celularity's common stock and warrants continues on the Nasdaq Capital Market without immediate interruption. However, the company must submit an updated plan to regain compliance by September 6, 2024. If Nasdaq accepts the plan, Celularity will have until October 14, 2024, to implement it.
Celularity has expressed its intention to submit the required plan by the September deadline and is exploring options to regain compliance within the allotted timeframe. Dr. Robert J. Hariri, Chairman and CEO, confirmed the company's commitment to addressing the filing delays.
However, there is no certainty that the plan will be submitted or accepted by Nasdaq, nor that the company will be able to regain and maintain compliance with the exchange's listing requirements.
In other recent news, Celularity Inc. has been making strides in the field of cancer T-cell therapy. The biotechnology firm announced significant findings related to its T-cell therapy platform, PT-CD16VS, at the American Society of Clinical Oncology Annual Meeting.
The therapy has shown potent activity against multiple cancer types, expanding upon previous findings that demonstrated its potential in targeting HER2-positive cancers.
The company's CEO, Dr. Robert Hariri, highlighted the potential of their placental-derived cell therapy platform in overcoming challenges associated with traditional cell therapies. These recent developments suggest a new approach to treating challenging cancers.
However, Celularity Inc. is also facing potential delisting from Nasdaq due to delayed financial filings. The company has yet to submit its Form 10-Q for the first quarter of 2024, and its annual report for the year ended December 31, 2023.
In response to this, Nasdaq has given Celularity until June 17, 2024, to present a plan to regain compliance. While the company is actively working to address these issues, it remains uncertain whether they will regain compliance within the designated timeframe.
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