09:56 AM EDT, 03/25/2024 (MT Newswires) -- Cryo-Cell International ( CCEL ) said Monday that its board has approved the spinoff of its Celle unit to the company's shareholders and the move to look into strategic alternatives for Cryo-Cell ( CCEL ) post-spinoff, including a possible sale or merger.

The spinoff of the newly created Celle unit is expected to be in the form of a stock dividend to Cryo-Cell ( CCEL ) shareholders in fiscal Q2 or fiscal Q3, the company said.

Cryo-Cell ( CCEL ) shares were up 11.7% in recent trading.

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