Celularity (CELU) said late Friday it received a delisting notice from Nasdaq due to its inability to timely file its Forms 10-Q for the the periods ended March 31 and June 30.
The company said it will appeal the determination with the Nasdaq Hearings Panel prior to Oct. 24, and request a hearing to present its plan to regain compliance.
"It's important to note that these delays are not due to any accounting irregularities or issues, but rather reflect the limitations imposed by our liquidity constraints and the stretched capacity of our internal resources," said Chairman and CEO Robert Hariri.
"We remain confident in the path forward, particularly with the recently announced acquisition of the Rebound product, which will meaningfully enhance our cash position and provide a stronger foundation for operational stability," Hariri said. "With this strengthened financial outlook, we do not expect similar delays to occur in the future."
The stock was down about 16% in recent trading.
Price: 2.08, Change: -0.42, Percent Change: -16.80
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