Pulmatrix Shares Face Uncertainty as Cullgen Terminates Merger Agreement

Pulmatrix, Inc. (Nasdaq: PULM) announced that its planned merger with Cullgen Inc. has been officially terminated. The notification of termination was issued by Cullgen on February 28, 2026, following its efforts to obtain regulatory approval from the China Securities Regulatory Commission. While specific reasons for the withdrawal were not disclosed, the move halts a strategic consolidation that investors had been monitoring closely. In response to the setback, Pulmatrix stated it is actively exploring alternative merger opportunities to secure its long-term strategic path. The termination is expected to weigh heavily on the company's stock as market participants reassess its cash runway and future viability. This development highlights the significant regulatory hurdles often faced in cross-border biotech transactions involving international authorities.