Full Press Release Details
Announces Chief Financial Officer Transition
retains financial and business advisor to provide outsourced accounting and consulting services during the transition period
PARK, N.J., June 10, 2025 (GLOBE NEWSWIRE) - Celularity Inc. (Nasdaq: CELU) ("Celularity" or the "Company"),
a regenerative and cellular medicine company, today announced that it terminated the employment of its Chief Financial Officer ("CFO"),
David Beers, effective immediately. Mr. Beer's termination was not related to the Company's financial or operating results
or to any disagreements or concerns regarding the Company's financial or reporting practices. Mr. Beers was terminated "without
cause" under the terms of his employment agreement dated April 1, 2022, as amended and restated, and, subject to his compliance
with its terms, Mr. Beers will be entitled to the payments and benefits provided therein following a termination without cause.
as of June 10, 2025, the Company appointed Joseph DosSantos, its current Senior Vice President Finance, as the Company's interim
CFO while the Company conducts a search for a new CFO. Mr. DosSantos will continue to serve as the Company's Senior Vice President
Finance during his time as interim CFO and will not receive any additional compensation in connection with his role as interim CFO.
Company also announced that it retained the CFO Squad, a leading financial and business advisory firm providing outsourced accounting
and consulting services for emerging to mid-sized companies, to provide support during this interim period, including SEC and financial
reporting support services and consulting services to identify opportunities to improve and optimize the Company's financial processes
and systems. The CFO Squad will work under the direction of John R. Haines, Celularity's Senior Executive Vice President and Chief
Administrative Officer.
Inc. (Nasdaq: CELU) is a regenerative and cellular medicine company developing and commercializing advanced biomaterial products and
allogeneic, cryopreserved, placental-derived cell therapies, all derived from the postpartum placenta. Celularity believes that by harnessing
the placenta's unique biology and ready availability, it can develop therapeutic solutions that address significant unmet global
needs for effective, accessible, and affordable therapies. For more information about Celularity and its cutting-edge regenerative medicine
solutions, please visit www.celularity.com.
Vice President, Celularity Inc.