TREVOSE, Pa.,
March 18, 2022
/PRNewswire/ -- Lannett Company, Inc. (NYSE: LCI) today announced
that it has received written notice from the New York Stock
Exchange (NYSE) dated March 14, 2022,
notifying the company that it is not in compliance with the
continued listing standards set forth in Section 802.01C of the
NYSE Listed Company Manual because the average closing price of the
company's common stock was less than $1.00 per share over a consecutive 30 trading-day
period.
The company has six months from the date of the Notice to regain
compliance with the NYSE continued listing standard. Lannett is
evaluating all available options to regain compliance with the
NYSE's continued listing standards, which may include transactions
that are subject to approval of Lannett's stockholders, in which
case, Lannett would have until its next annual meeting of
stockholders to obtain stockholder approval for such action,
notwithstanding the six-month cure period referenced above. Lannett
would be required to implement the action promptly after receiving
stockholder approval, and the minimum share price requirement will
be deemed cured if the price promptly exceeds $1.00 per share, and the price remains above that
level for at least the 30 trading days following the implementation
of such action.
As previously disclosed in the company's Current Report on Form
8-K filed with the Securities and Exchange Commission (SEC) on
March 4, 2022 (March 4, 2022 Form 8-K), the company received
notice on March 2, 2022 that it was
not in compliance with the continued listing standard set forth in
Section 802.01B of the NYSE's Listed
Company Manual because the Company's average market capitalization
was less than $50 million over a
consecutive 30 trading-day period and the most recently reported
stockholders' equity of the Company was also less than $50 million.
The Notice has no immediate impact on the listing of the
Company's common stock, which will continue to be listed and traded
on the NYSE during the cure period under the trading symbol "LCI,"
subject to the company's execution of the plan of compliance
referenced in the March 4, 2022 Form
8-K and all other listing requirements of the NYSE. However, the
common stock trading symbol will have an added designation of "BC"
to indicate that the status of the common stock is "below
compliance" with the NYSE continued listing standards. The "BC"
indicator will be removed at such time as the Company regains
compliance.
About Lannett Company, Inc.:
Lannett Company, founded in 1942, develops, manufactures,
packages, markets and distributes generic pharmaceutical products
for a wide range of medical indications. For more information,
visit the company's website at www.lannett.com.
This news release contains certain statements of a
forward-looking nature relating to future events or future business
performance. Any such statement, including, but not limited
to, the company's ability to meet the standards
necessary to maintain listing of its shares of common stock on the
NYSE, including its ability to cure non-compliance with the NYSE's
continued listing criteria; the NYSE's acceptance of the company's
business plan, whether expressed or implied, is subject to market
and other conditions, and subject to risks and uncertainties which
can cause actual results to differ materially from those currently
anticipated due to a number of factors which include, but are not
limited to, the risk factors discussed in the Company's Form 10-K
and other documents filed with the SEC from time to time, including
the prospectus supplement related to the proposed offering to be
filed with the SEC. These forward-looking statements represent the
Company's judgment as of the date of this news release. The Company
disclaims any intent or obligation to update these forward-looking
statements.
Contact: Robert Jaffe
Robert Jaffe Co., LLC
(424) 288-4098
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SOURCE Lannett Company, Inc.