Lifecore Biomedical, Inc. Receives Notice from Nasdaq Regarding Delayed Annual Report
22 August 2023 - 10:05PM
Lifecore Biomedical, Inc. (NASDAQ: LFCR) (the “Company”) announced
today that it received a notice (“Notice”) on August 17, 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 Annual Report on Form 10-K for
the period ended May 28, 2023 (the “Form 10-K”) 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. The Notice states that the Company has 60 calendar
days from the date of the Notice, or October 16, 2023, to submit a
plan to regain compliance with the Listing Rule. 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 Form 10-K to regain
compliance.
The Company continues to work diligently to
complete the Form 10-K and plans to file the Form 10-K 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 StatementsThis 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 outcome of any evaluation of the Company’s strategic
alternatives or any discussions with any potential bidders related
thereto the ability of the Company to continue as a going concern,
the ability of the Company to conduct its strategic review process
in a timely manner or at all, the timing and needs related to
capital expenditures, any future relationship between Alcon and the
Company, if any, the Company’s ability to successfully complete the
transition of the Company’s business and operations to focus on
Lifecore, the timing and needs related to capital expenditures, the
timing and expenses associated with operations, the ability to
achieve acceptance of the Company’s new products in the market
place, government regulations affecting our business, the timing of
regulatory approvals, uncertainties related to COVID-19 and the
impact of our responses to it, and the mix between domestic and
international sales. 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)
277-1263jeff.sonnek@icrinc.com
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