Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 25, 2023, in order to address current working capital requirements of
Celularity Inc., or Celularity, Robert Hariri, M.D., Ph.D., Celularity's
Chairman and Chief Executive Officer, agreed to temporarily suspend payment of
salary pursuant to his employment agreement until as late as December 31, 2023.
Celularity intends to file a copy of the employment agreement amendment as an
exhibit to its annual report on Form 10-K for the year ended December 31, 2022.
Item 8.01 Other Events.
On January 26, 2023, Celularity issued a press release announcing the completion
of a strategic review of 2023 initiatives, which include a pipeline
prioritization of next generation product candidates and deprioritization of its
oncology natural killer (NK) cell therapy programs, while it focuses its efforts
on its advanced biomaterial products, combination biomaterial-cell therapies,
degenerative disease cell therapies and placental-derived T-cell programs. To
position itself to adapt to its changing business requirements, Celularity also
announced that it had taken steps under applicable laws to notify a substantial
number of its employees of a potential workforce reduction. Such restructuring
plan would be completed during the first quarter of 2023.
Celularity estimates that it will not incur any material charges in the first
quarter of 2023 related to its business reprioritization. Celularity may incur
costs not currently contemplated due to events that may occur as a result of, or
that are associated with, its workforce reduction.
A copy of the press release is attached to this current report on Form 8-K as
Exhibit 99.1 and incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
99.1 Press release dated January 26, 2023
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CELULARITY INC. 
