Celularity receives $12.2M from sale of New Jersey net operating losses

Celularity (CELU) announced receipt of $12.2 Million in net cash proceeds from the sale of approximately $126.3 Million of its unused New Jersey net operating losses and $1.9 Million of unused New Jersey research and development tax credits. The NOLs and R&D tax credits sale was administered through New Jersey’s Technology Business Tax Certificate Transfer Program, which enables qualified New Jersey-based technology and life science companies to sell their New Jersey NOLs and R&D tax credits for cash to buyers who purchase and apply the credits to reduce taxable income. The program is operated by the New Jersey Economic Development Authority, which serves as the State’s principal agency for driving economic growth.