LifeCore Biomedical Faces Delisting Concerns

TL;DR

LifeCore Biomedical might get delisted, stock watch!

AI Summary

LifeCore Biomedical, Inc. filed an 8-K on April 19, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule or standard. The company, formerly known as Landec Corp, is incorporated in Delaware and has its principal executive offices in Chaska, Minnesota.

Why It Matters

This filing indicates potential issues with LifeCore Biomedical's continued listing on an exchange, which could impact its stock liquidity and investor confidence.

Risk Assessment

Risk Level: high — A notice of delisting or failure to meet listing standards poses a significant risk to the company's stock trading and overall financial health.

Key Numbers

• 000-27446 — SEC File Number (Identifies the company's filing history with the SEC.)
• 94-3025618 — IRS Employer Identification No. (Company's tax identification number.)

Key Players & Entities

• LIFECORE BIOMEDICAL, INC. (company) — Registrant
• LANDEC CORP (company) — Former company name
• Delaware (jurisdiction) — State of incorporation
• Chaska, Minnesota (location) — Principal executive offices
• April 15, 2024 (date) — Date of earliest event reported
• April 19, 2024 (date) — Date of report

FAQ

Filing Documents

• lndc-20240415.htm (8-K) — 35KB
• lfcr-delinquencypr4x19.htm (EX-99.1) — 9KB
• image_0.jpg (GRAPHIC) — 0KB
• 0001005286-24-000050.txt ( ) — 171KB
• lndc-20240415.xsd (EX-101.SCH) — 2KB
• lndc-20240415_lab.xml (EX-101.LAB) — 21KB
• lndc-20240415_pre.xml (EX-101.PRE) — 12KB
• lndc-20240415_htm.xml (XML) — 3KB

01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On April 15, 2024, Lifecore Biomedical, Inc., a Delaware corporation (the "Company") received a notification letter (the "Notice") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") indicating that, as a result of the Company's delay in filing its Quarterly Report on Form 10-Q for the fiscal quarter ended February 25, 2024 (the "Q3 Form 10-Q") and its continued delay in filing its Quarterly Report on Form 10-Q for the quarterly periods ended August 27, 2023 and November 29, 2023 (the "Q1 Form 10-Q" and "Q2 Form 10-Q," respectively, and together with the Q3 Form 10-Q, the "Filings") with the Securities and Exchange Commission (the "SEC"), the Company continues not to be in compliance with the requirements for continued listing under Nasdaq Listing Rule 5250(c)(1) (the "Listing Rule"), and that the Nasdaq Hearings Panel would consider the delinquency in the filing of the Q3 Form 10-Q in rendering its determination regarding the Company's continued listing on Nasdaq Global Select Market . The Notice has no immediate effect on the listing or trading of the Company's common stock on the Nasdaq Global Select Market. As previously disclosed, Nasdaq had pre viously granted the Company until February 12, 2024 to regain compliance with the Listing Rule, and, on February 13, 2024, the Company received the Staff Delisting Determination notifying the Company that Nasdaq has initiated a process which could result in the delisting of the Company's securities from Nasdaq as a result of the Company not being in compliance with the Listing Rule. The Company appealed the Staff Delisting Determination, and, on April 16, 2024, the Company appeared for the hearing in which the Company requested a further stay of any suspension or delisting action to enable the Company to regain compliance with the Listing Rule. The Nasdaq Hearings Panel has

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. A press release, dated April 19, 2024, disclosing the Company's receipt of the Notice referenced above is attached hereto as Exhibit 99.1. The information furnished in this Item 7.01 of this Current Report on Form 8-K (including Exhibit 99.1 attached hereto) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. The following exhibits are furnished as part of this report: Exhibit No. Description 99.1 Press Release of Lifecore Biomedical, Inc., dated April 19, 2024 104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. Cautionary Note Regarding Forward-Looking Statements This Current Report on Form 8-K includes information that constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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. These forward-looking statements are based on the Company's current beliefs, assumptions and expectations regarding future events, which in turn are based on information currently available to the Company. By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements. These factors include, without limitation, the Company's ability to respond in a timely and satisfactory matter to the inquiries by Nasdaq, the Company's ability to regain compliance with Listing Rule prior to the delisting or suspension, or at all, any determination of Nasdaq, and the risk that the completion and filing of the Filings will take longer than expected. For additional information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to the Company's filings with the Securities and Exchange Commission, including the risk factors contained in its most recent Annual Report on Form 10-

View Full Filing

View this 8-K filing on SEC EDGAR