LifeCore Biomedical Faces Delisting Concerns
Ticker: LFCR · Form: 8-K · Filed: Jun 7, 2024 · CIK: 1005286
| Field | Detail |
|---|---|
| Company | Lifecore Biomedical, Inc. \De\ (LFCR) |
| Form Type | 8-K |
| Filed Date | Jun 7, 2024 |
| Risk Level | high |
| Pages | 4 |
| Reading Time | 5 min |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, listing-rule, compliance
Related Tickers: LNDC
TL;DR
LifeCore Biomedical might get delisted, trading could be affected.
AI Summary
LifeCore Biomedical, Inc. (formerly Landec Corp) filed an 8-K on June 7, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule or standard. The filing indicates a potential transfer of listing, with the earliest event reported as June 3, 2024.
Why It Matters
This filing signals potential issues with LifeCore Biomedical's stock exchange listing, which could impact its liquidity and investor confidence.
Risk Assessment
Risk Level: high — Delisting notices typically indicate significant financial or compliance issues that pose a substantial risk to the company and its shareholders.
Key Players & Entities
- LifeCore Biomedical, Inc. (company) — Registrant
- Landec Corp (company) — Former company name
- June 3, 2024 (date) — Date of earliest event reported
- June 7, 2024 (date) — Filing date
FAQ
What specific listing rule or standard has LifeCore Biomedical failed to satisfy?
The filing does not specify the exact rule or standard that LifeCore Biomedical has failed to satisfy, only that it is a 'Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard'.
What is the significance of the 'Transfer of Listing' mentioned in the filing?
The mention of 'Transfer of Listing' suggests that the company may be moving its listing to a different stock exchange or that the current exchange is considering delisting it, potentially to another market.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing was on June 3, 2024.
What was LifeCore Biomedical's former company name?
LifeCore Biomedical, Inc.'s former company name was Landec Corp.
What is the business address and phone number for LifeCore Biomedical, Inc.?
The business address for LifeCore Biomedical, Inc. is 3515 Lyman Boulevard, Chaska, Minnesota 55318, and its telephone number is (952) 368-4300.
Filing Stats: 1,195 words · 5 min read · ~4 pages · Grade level 16.5 · Accepted 2024-06-07 16:06:14
Filing Documents
- lndc-20240603.htm (8-K) — 32KB
- 0001005286-24-000077.txt ( ) — 155KB
- lndc-20240603.xsd (EX-101.SCH) — 2KB
- lndc-20240603_lab.xml (EX-101.LAB) — 21KB
- lndc-20240603_pre.xml (EX-101.PRE) — 12KB
- lndc-20240603_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 June 3, 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, because the Company has not yet held its annual meeting of shareholders (the "2023 Annual Meeting") within twelve months of the end of the Company's May 28, 2023 fiscal year end, the Company is not in compliance with the requirements for continued listing under Nasdaq Listing Rule 5620(a). In addition, the Notice stated that because of the Company's continued delay in filing its Quarterly Reports on Form 10-Q for the quarterly periods ended August 27, 2023, November 29, 2023, and February 25, 2024 (the "Q1 Form 10-Q," "Q2 Form 10-Q," and "Q3 Form 10-Q," together, the "Filings") with the Securities and Exchange Commission (the "SEC"), the Company is not in compliance with the requirements for continued listing under Nasdaq Listing Rules 5810(c)(2)(G) and 5250(c)(1) (together with Nasdaq Listing Rule 5620(a), the "Listing Rules"). The Company previously disclosed in a Form 8-K filed on May 14, 2024 that the Company has requested additional time to regain compliance with the Listing Rules relating to making the Filings with the SEC. The Notice stated that the Nasdaq Hearings Panel handling that matter would consider the delay in holding the 2023 Annual Meeting in rendering its pending determination regarding the Company's continued listing on Nasdaq Global Select Market. The Company intends to request that the Hearings Panel grant the Company an extension of time to hold the 2023 Annual Meeting. The Company's Board of Directors has scheduled the 2023 Annual Meeting for August 15, 2024, as disclosed in a Form 8-K filed on May 8, 2024. The Notice has no immediate effect on the listing or trading of the Company's common stock on t