GNI Group: Cullgen shareholder meeting approves Nasdaq listing

GNI Group (TSE:2160) announced that Pulmatrix, Inc. (PULM), the intended listing vehicle for its consolidated subsidiary Cullgen, successfully held a shareholder meeting on June 16, 2025, with all proposals related to the Cullgen transaction approved. This fulfills a key requirement for Cullgen's Nasdaq listing. The only remaining condition is approval from the CSRC, the Chinese securities regulator. While the CSRC review is ongoing, GNI Group reports no specific issues or Cullgen-related delays. The company anticipates the listing may be delayed past the initial target of the end of June 2025, potentially shifting revenue recognition to the third quarter of 2025. If Cullgen lists in the third quarter, it will remain a consolidated subsidiary until the fourth quarter when it is expected to be accounted for under the equity method. GNI Group states that the impact on its full-year earnings forecast will be limited if Cullgen lists before year-end.