Celularity, Inc. (CELU), a biotechnology company developing allogeneic cell therapies and advanced biomaterial products, Friday announced a 1-for-10 reverse stock split of its Class A common stock, effective, February 28, 2024.
Celularity's Class A common stock is expected to begin trading on a split-adjusted basis on the Nasdaq Capital Market on Thursday, February 29, 2024, under the current trading symbol, "CELU."
The reverse stock split was approved by Celularity's stockholders on February 22, 2024, and is intended to increase the per share trading price of its Class A common stock to enable Celularity to satisfy the minimum bid price requirement for continued listing on the Nasdaq Capital Market.
According to Robert J. Hariri, M.D., Ph.D., Chairman, CEO and Founder, "This action is intended to bring our share price back into compliance with Nasdaq listing requirements, as well as nearing a price point for institutions, while minimizing the effect on our trading volume as much as practicable. In line with our earlier announcements about expected revenue growth in our advanced biomaterial products and biobanking businesses, I believe this is another step on the pathway to rebuilding value and achieving greater visibility to a broader community of investors."
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