CELUW

These are publicly traded warrants issued by Celularity Inc., a clinical-stage biotechnology company developing placenta-derived cellular therapies. Warrants are financial instruments that give holders the right, but not the obligation, to purchase shares of the underlying common stock (CELU) at a predetermined exercise price before a specified expiration date. Each CELUW warrant typically allows the holder to buy one share of Celularity common stock at the strike price. Warrants were often issued in connection with the company's business combination through a special purpose acquisition company (SPAC) merger. They provide leveraged exposure to Celularity's equity, as warrant values can increase or decrease more dramatically than the underlying stock based on changes in the company's valuation and time remaining until expiration.