CHASKA, MN - Lifecore Biomedical, Inc. (NASDAQ:LFCR), a pharmaceutical preparations company, has announced its return to compliance with Nasdaq's listing requirements. The company received notification from Nasdaq on Wednesday, confirming that it has met the necessary conditions for continued listing on the exchange.
The compliance issue stemmed from Lifecore Biomedical's delay in filing periodic financial reports with the Securities and Exchange Commission (SEC), as mandated by Nasdaq Listing Rule 5250(c). The company successfully filed its overdue Quarterly Reports for the periods ending August 27, 2023, November 29, 2023, and February 25, 2024, on August 8, 2024. Moreover, its Annual Report for the fiscal year ending May 26, 2024, was filed on time on August 26, 2024.
Moreover, Lifecore Biomedical addressed another concern related to Nasdaq Listing Rule 5620(a), which requires the holding of an annual meeting of stockholders. The company's 2024 annual meeting took place on August 15, 2024, rectifying the previous deficiency.
With these actions, Nasdaq has confirmed that Lifecore Biomedical is now in full compliance and has withdrawn any threat of delisting the company's common stock. However, the company will remain under a Mandatory Panel Monitor until September 4, 2025.
During this period, if Lifecore Biomedical fails to comply with the Periodic Filing Rule again, it will not be allowed to submit a compliance plan or receive a grace period. Instead, the company would only be able to request a hearing following a delisting determination from Nasdaq.
The company's Chief Financial Officer, Ryan D. Lake, signed off on the report, underscoring the company's commitment to maintaining the standards required for listing on the Nasdaq Global Select Market. This return to compliance is a crucial step for Lifecore Biomedical as it seeks to maintain investor confidence and access to capital markets.
Investors and stakeholders have been closely monitoring the situation, and this news is expected to positively influence the company's standing in the market. The information disclosed is based on a press release statement from Lifecore Biomedical, Inc.
In other recent news, Lifecore Biomedical has witnessed significant changes and developments. The company reported a substantial rise in its revenues for fiscal 2024, reaching $128.3 million, a 24.2% growth from the previous year. However, Lifecore projects flat revenue growth for fiscal 2025 due to customer inventory reductions and no new product launches.
On the leadership front, Lifecore has appointed Ryan Lake as the new CFO, following John Morberg's departure. Lake's appointment comes with high expectations, given his extensive experience in the CDMO industry and his role in significant financial transactions and corporate strategy.
Moreover, Lifecore anticipates improved revenue growth and margins in the future, with adjusted EBITDA for fiscal 2025 forecasted to be between $19 million and $21 million. The company is also focusing on growth in viscous and hard-to-handle programs, leveraging new isolator filler capabilities. These recent developments paint a picture of Lifecore Biomedical's strategic plans for the coming fiscal year.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.