Celularity Inc. (NASDAQ:CELU), a biotechnology company specializing in pharmaceutical preparations, announced today that its 2024 Annual Meeting of Stockholders is scheduled for December 19, 2024. The company, which is incorporated in Delaware and based in Florham Park, New Jersey, stated in a recent SEC filing that the record date for stockholders entitled to vote at the meeting was established as the close of business today.
The date of the upcoming annual meeting deviates by over 30 days from the previous year's meeting held on June 14, 2023. Consequently, Celularity is informing stockholders of the updated deadlines for submitting proposals, in accordance with SEC regulations.
Stockholder proposals intended for inclusion in the proxy materials must be submitted in writing by November 18, 2024, to the Corporate Secretary at the company's principal offices. Proposals must adhere to the company's bylaws and SEC rules to be considered for the proxy materials.
Furthermore, stockholders aiming to present proposals at the annual meeting that are not for inclusion in the proxy materials must also submit their proposals by the November 18, 2024, deadline. These submissions must comply with additional information requirements as specified in Celularity's bylaws.
Celularity, also known as 03 Life Sciences prior to its name change, operates under the leadership of Chairman and CEO Dr. Robert J. Hariri. The company's securities, including Class A Common Stock and Warrants, are traded on The Nasdaq Stock Market.
In other recent news, biotechnology company Celularity Inc. has reported over $24 million in net revenue from its biomaterial products for the first half of the year ending June 30, 2024. The revenue includes sales from biomaterial products and income from licenses, royalties, and other related sources. The company also anticipates more than $9 million in net revenue for its recently acquired Rebound™ product. However, these figures are unaudited and preliminary, as the company's financial results for the third and fourth quarters of 2024 are still under review and subject to change.
Celularity Inc. has also been working diligently to regain full compliance with Nasdaq's listing requirements, filing its annual report for fiscal year 2023 and its first quarter report for 2024 on time, with plans to submit the second quarter report soon. The company's commitment to Nasdaq compliance is accompanied by robust sales growth, particularly from the successful integration of Biovance®3L and the acquisition of Rebound from Sequence LifeScience, Inc.
In terms of product development, Celularity is making strides with several products such as Celularity Tendon Wrap, FUSE Bone Void Filler, and Celularity Placental Matrix undergoing preliminary FDA assessments. The company plans to submit 510(k) notifications for these products between 2025 and 2026. These are the recent developments in the company's operations.
InvestingPro Insights
As Celularity Inc. (NASDAQ:CELU) prepares for its 2024 Annual Meeting of Stockholders, investors should be aware of some key financial metrics and insights provided by InvestingPro. The company's market capitalization stands at $78.05 million, reflecting its current position in the biotechnology sector.
InvestingPro Tips highlight that Celularity is experiencing a significant return over the last week, with a 114.58% price total return. This short-term performance is complemented by a strong 30.38% return over the last month. However, potential investors should note that the company operates with a significant debt burden and is quickly burning through cash.
From a financial perspective, Celularity's revenue for the last twelve months as of Q2 2024 was $42.69 million, with an impressive revenue growth of 182.02% over the same period. Despite this growth, the company is not currently profitable, with an operating income of -$44.7 million and a negative operating income margin of -104.7%.
These insights provide context to the upcoming stockholder meeting and the importance of shareholder proposals. With the company facing financial challenges alongside recent market performance, stockholders may have critical issues to address at the December meeting.
For investors seeking a more comprehensive analysis, InvestingPro offers 10 additional tips for Celularity, providing a deeper understanding of the company's financial health and market position.
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