GX Acquisition Closes Celularity Merger

GX Acquisition

Clinical-stage medicine company Celularity today closed the merger with GX Acquisition.

Proceeds from the transaction totaled approximately $138 million, which included funds held in GXGX’s trust account and concurrent PIPE financing led by existing Celularity shareholders. Terms of the deal announced in April had called for Celularity to receive $372 million, consisting of $292 million held in trust by GX as well as an $80 million PIPE. However, the SPAC faced pushback from shareholders and sustained heavy redemptions ahead of the merger vote.

GXGX shareholders approved the transaction July 14.

The publicly traded company will operate under the name Celularity, and common stock will begin trading July 19 on the Nasdaq under CELU. 

Celularity develops off-the-shelf allogeneic therapies derived from the postpartum human placenta. Read more.

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