FORM 3
        
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      
1. Name and Address of Reporting Person * Zohar Yishai 2. Date of Event Requiring Statement (MM/DD/YYYY)
1/13/2022 

3. Issuer Name and Ticker or Trading Symbol GELESIS HOLDINGS, INC. [GLS]
(Last)       (First)       (Middle)
GELESIS HOLDINGS, INC., 501 BOYLSTON STREET, SUITE 6102
4. Relationship of Reporting Person(s) to Issuer (Check all applicable)__X__ Director                          _____ 10% Owner
___X___ Officer (give title below)        _____ Other (specify below)
President & CEO /
(Street)
BOSTON, MA 02116      
(City)             (State)             (Zip)
5. If Amendment, Date Original Filed(MM/DD/YYYY)
 

6. Individual or Joint/Group Filing(Check Applicable Line)_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)
2. Amount of Securities Beneficially Owned
(Instr. 4)
3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)
4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock  465121  D   

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 4)
2. Date Exercisable and Expiration Date
(MM/DD/YYYY)
3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)
4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)
6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Earnout Shares   (1)(2) 1/13/2027  Common Stock  1180446   (1)(2) D   
Stock Option (Right to Buy)   (3) 6/25/2022  Common Stock  335349  $0.57  D   
Stock Option (Right to Buy)   (3) 8/29/2024  Common Stock  441070  $3.11  D   
Stock Option (Right to Buy)   (3) 2/16/2025  Common Stock  4525  $4.05  D   
Stock Option (Right to Buy)   (3) 9/7/2026  Common Stock  390595  $4.05  D   
Stock Option (Right to Buy)   (3) 6/15/2027  Common Stock  77760  $4.05  D   
Stock Option (Right to Buy)   (3) 7/17/2028  Common Stock  453605  $4.05  D   
Stock Option (Right to Buy)   (4) 7/15/2030  Common Stock  1036884  $4.26  D   
Restricted Stock Units   (5)  (5) Common Stock  388804   (5) D   

Explanation of Responses:
(1)  On January 13, 2022, the reporting person received the right to acquire 1,180,446 shares of the Issuer's Common Stock (the "Earnout Shares"). The Earnout Shares shall vest and be released upon the satisfaction of certain share price vesting conditions (the "Earnout Conditions") as follows: (i) if, at any time prior to January 13, 2027 (the "Earnout Period") the volume-weighted average price ("VWAP") of the Issuer's Common Stock equals or exceeds $12.50 per share for any 20 trading days within a 30-trading day period, one third (1/3) of the Earnout Shares shall vest;
(2)  (ii) if, at any time during the Earnout Period, the VWAP of the Issuer's Common Stock equals or exceeds $15.00 per share for any 20 trading days within a 30-trading day period, one third (1/3) of the Earnout Shares shall vest; and (iii) if, at any time during the Earnout Period, the VWAP of the Issuer's Common Stock equals or exceeds $17.50 per share for any 20 trading days within a 30-trading day period, one third (1/3) of the Earnout Shares shall vest.
(3)  The shares underlying this option are fully vested and exercisable as of the date hereof.
(4)  One-third of the shares underlying this option vested and became exercisable on July 15, 2021, with the remainder vesting in eight substantially equal quarterly installments thereafter, subject to the reporting person's continued service on each such vesting date.
(5)  Each restricted stock unit ("RSU") represents the contingent right to receive one share of the Issuer's common stock. The RSUs vest in full on November 10, 2022, contingent upon the Issuer's filing of Form S-8 to register the shares underlying the RSUs.

Remarks:
Immediately after the closing of the transactions contemplated by that certain Business Combination Agreement dated as of July 19, 2021, as amended, by and among the Issuer (f/k/a Capstar Special Purpose Acquisition Corp.), CPSR Gelesis Merger Sub, Inc. and Gelesis, Inc., the reporting person became an officer and director of the Issuer. Exhibit 24 - Power of Attorney

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Zohar Yishai
GELESIS HOLDINGS, INC.
501 BOYLSTON STREET, SUITE 6102
BOSTON, MA 02116
X
President & CEO

Signatures
/s/ David Abraham, Attorney-in-Fact 1/24/2022
**Signature of Reporting Person Date
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