Celularity, GX Acquisition to Merge, Create Public Cellular Therapy Company

 - Celularity has entered into a definitive merger agreement with GX Acquisition Corp. (Nasdaq: "GXGX"); upon closing, shares of the combined company will be listed on Nasdaq under the ticker symbol "CELU".

- Institutional investors and certain individuals have committed to invest approximately $80 million through concurrent equity investments (the "PIPE").

- $372 million of total expected proceeds from the PIPE and cash held in GX Acquisition Corp.'s trust account (assuming no stockholder redemptions are effected) upon the closing of the business combination.

- Celularity stockholders (including Sorrento Therapeutics, affiliates of Bristol Myers Squibb, Starr Insurance Companies, and Dragasac Limited, a wholly owned subsidiary of Genting Berhad), GX Acquisition Corp. stockholders and PIPE stockholders will hold shares in the combined company that is expected to have an estimated initial post-transaction equity value of approximately $1.7 billion.

- The business combination is expected to be completed during the second quarter of 2021.

- Joint investor conference call to discuss the proposed transaction is being held today, January 8, 2021 at 8:00 a.m. EDT.

https://news.yahoo.com/celularity-gx-acquisition-corp-announce-120000185.html