Lifecore Biomedical Inc.
09/12/2024 | Press release | Distributed by Public on 09/12/2024 05:10
Material Event Form 8 K
Item 8.01 Other Items
On September 11, 2024, Lifecore Biomedical, Inc. (the "Company") received a notice from the Nasdaq Stock Market, LLC ("Nasdaq") confirming that the Company has regained compliance with Nasdaq Listing Rule 5250(c) (the "Periodic Filing Rule"), which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (the "SEC"), and that the Company has also cured the deficiency under Nasdaq Listing Rule 5620(a) (the "Annual Meeting Rule"), which requires listed companies to hold an annual meeting of stockholders during each fiscal year. The Company filed its Quarterly Reports on Form 10-Q for the quarterly periods ended August 27, 2023, November 29, 2023, and February 25, 2024 with the SEC on August 8, 2024, bringing the Company into compliance with the Periodic Filing Rule, and timely filed its Annual Report on Form 10-K for the year ended May 26, 2024 with the SEC on August 26, 2024. In addition, the Company held is 2024 annual meeting of stockholders on August 15, 2024. With the Company in compliance with the Periodic Filing Rule and having cured its deficiency under the Annual Meeting Rule, Nasdaq has ceased any action to delist the Company's common stock.
While the Company is now in compliance with the Periodic Filing Rule, Nasdaq has informed the Company that it will be subject to a Mandatory Panel Monitor until September 4, 2025. If, within the monitoring period, the Company again fails to comply with the Periodic Filing Rule, the Company will not be permitted to provide the Nasdaq Staff with a plan of compliance with respect to that deficiency, nor will the Company be afforded a cure period. Instead, upon the Nasdaq Staff issuing a delist determination letter, the Company would then have an opportunity to request a new hearing with the initial Hearing Panel or a newly convened Hearing Panel if the initial Hearing Panel is unavailable.