KUALA LUMPUR (April 18): Genting Bhd’s biotechnology arm Celularity Inc, which has entered into a definitive merger agreement with Nasdaq-listed GX Acquisition Corp, said GX is seeking its shareholders’s approval to extend the deadline by which GX has to complete the Celularity-GX business combination from May 23, 2021 to July 31, 2021.
Celularity said in a statement on Friday (April 16) that the US Securities and Exchange Commission had in recent days made a public statement regarding accounting and reporting considerations for warrants issued by special purpose acquisition companies.
According to Celularity, blank-cheque co GX “has begun a complete review of its accounting treatment of its public and private warrants, and GX’s board of directors currently believes there may not be sufficient time before May 23, 2021 to complete the review and hold a special meeting to conduct a vote for the stockholder approvals required in connection with the Celularity Business Combination and consummate the closing of the Celularity Business Combination within the legally-prescribed time constraints applicable to such actions.”
“The GX board is seeking the extension to complete the accounting review, to allow our stockholders to be able to evaluate the Celularity Business Combination and to allow additional time to consummate the Celularity Business Combination.
“The GX board continues to unanimously recommend that its stockholders vote “FOR” the proposal to approve and adopt the merger agreement providing for the Celularity Business Combination and each of the other proposals, at the special meeting to be held in connection with the Celularity Business Combination,” Celularity said.