Celularity Terminates CFO, Appoints Interim Finance Head

Celularity Inc., a regenerative and cellular medicine company, has terminated its Chief Financial Officer, David Beers, without cause and effective immediately. The company emphasized that Beers' departure was unrelated to financial performance, operating results, or any disputes regarding reporting practices. Joseph DosSantos, the current Senior Vice President Finance, has been appointed as interim CFO while Celularity searches for a permanent replacement, and he will not receive additional compensation during this period. To support the transition, Celularity retained CFO Squad, a financial and business advisory firm, to provide SEC reporting and consulting services aimed at optimizing financial processes. Beers is entitled to certain payments and benefits as stipulated in his employment agreement. The company faces notable financial challenges, with a high debt-to-equity ratio and short-term obligations exceeding liquid assets, but its stock is currently considered undervalued by some analysts.