Lifecore Biomedical, Inc. Receives Notice from Nasdaq Regarding Delayed Annual Report

Rhea-AI Summary

Lifecore Biomedical, Inc. receives notice of non-compliance with Nasdaq listing rule

Positive

• The notice has no immediate effect on the listing or trading of the company's securities
• The company submitted a plan to regain compliance with the listing rule
• If the plan is accepted, the company may have up to 180 days to file the necessary documents

Negative

• The company failed to timely file its Interim Report on Form 10-Q and Annual Report on Form 10-K
• The company remains delinquent in filing the necessary documents

CHASKA, Minn., Oct. 18, 2023 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (NASDAQ: LFCR) (the “Company”) announced today that it received a notice (“Notice”) on October 12, 2023 from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”) because the Company failed to timely file its Interim Report on Form 10-Q for the period ended August 27, 2023 (the “Form 10-Q”), and because the Company remains delinquent in filing its Annual Report on Form 10-K for the period ended May 28, 2023 (the “Form 10-K” and, together with the Form 10-Q, the “Filings”) with the Securities and Exchange Commission.

The Notice has no immediate effect on the listing or trading of the Company’s securities on the Nasdaq Global Select Market. In accordance with the instructions contained in the Notice, the Company submitted a plan to regain compliance with the Listing Rule with respect to the delinquent Filings on October 16, 2023, which is under the review of Nasdaq. If Nasdaq accepts the Company’s plan to regain compliance, then Nasdaq may grant the Company up to 180 calendar days from the prescribed due date of the Form 10-K, or February 12, 2024, to file the Filings to regain compliance.

The Company continues to work diligently to complete the Filings and plans to file the Filings as promptly as possible to regain compliance with the Listing Rule.

This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.

About Lifecore Biomedical
Lifecore Biomedical, Inc. is a fully integrated contract development and manufacturing organization (CDMO) that offers highly differentiated capabilities in the development, fill and finish of complex sterile injectable pharmaceutical products in syringes and vials. As a leading manufacturer of premium, injectable grade Hyaluronic Acid, Lifecore brings more than 40 years of expertise as a partner for global and emerging biopharmaceutical and biotechnology companies across multiple therapeutic categories to bring their innovations to market. For more information about the Company, visit Lifecore’s website at www.lifecore.com.

Important Cautions Regarding Forward-Looking Statements
This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbor created under the Private Securities Litigation Reform Act of 1995 and other safe harbors under the Securities Act of 1933 and the Securities Exchange Act of 1934. Words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “might”, “will”, “should”, “can have”, “likely” and similar expressions are used to identify forward-looking statements. All forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially, including such factors among others, as the Company’s ability to respond in a timely and satisfactory matter to the inquiries by Nasdaq, the Company’s ability to regain compliance with Listing Rule, the Company’s ability to become current with its reports with the Securities and Exchange Commission (the “SEC”), and the risk that the completion and filing of the Filings will take longer than expected. For additional information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to our filings with the Securities and Exchange Commission, including the risk factors contained in our most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K/A. Forward-looking statements represent management’s current expectations and are inherently uncertain. Except as required by law, we do not undertake any obligation to update forward-looking statements made by us to reflect subsequent events or circumstances.

Lifecore Biomedical, Inc. Contact Information:
Jeff Sonnek
(646) 277-1263
jeff.sonnek@icrinc.com

What is the notice about?

The notice is about Lifecore Biomedical, Inc. not being in compliance with Nasdaq Listing Rule 5250(c)(1) due to the failure to file necessary documents.

What is the immediate effect of the notice on the company's securities?

The notice has no immediate effect on the listing or trading of the company's securities.

What happens if the company's plan to regain compliance is accepted?

If the plan is accepted, the company may have up to 180 calendar days to file the necessary documents.

What is the deadline for filing the necessary documents?

The deadline for filing the necessary documents is February 12, 2024, if the company's plan is accepted.