CHASKA, Minn. - Lifecore Biomedical, Inc. (NASDAQ: LFCR), a contract development and manufacturing organization, received a Staff Delisting Determination from Nasdaq on Monday, notifying the company of a potential delisting due to non-compliance with filing requirements. The determination, which does not immediately affect trading or listing of Lifecore's securities, was issued because the company failed to file its annual and quarterly reports by the extended deadline of February 12, 2024.
The reports in question include the Annual Report on Form 10-K for the fiscal year ended May 28, 2023, and the Quarterly Reports on Form 10-Q for the periods ended August 27, 2023, and November 29, 2023. Lifecore had previously disclosed the restatement of its financial statements for prior fiscal years and quarterly periods and had been granted a 180-day extension to regain compliance with Nasdaq Listing Rule 5250(c)(1), which mandates timely SEC filings.
Lifecore intends to appeal the Staff Determination before a Nasdaq Hearing Panel and has requested a further stay of any suspension or delisting action pending the hearing process. The company must submit its hearing request by 4:00 p.m. Eastern Time on February 20, 2024. This request will automatically stay the suspension for 15 days. Hearings are typically scheduled within 30-45 days after a request.
The company is actively working with its auditors to complete the restatement and file the overdue reports as soon as possible. However, there is no guarantee that the reports will be filed before the hearing or that the panel will grant a stay or continue listing.
Lifecore Biomedical specializes in the development, fill, and finish of complex sterile injectable pharmaceutical products. It has over 40 years of experience as a partner for biopharmaceutical and biotechnology companies.
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