Lifecore Biomedical Inc.'s delay in filing its latest quarterly financial report with the U.S. Securities and Exchange Commission prompted the Nasdaq Stock Exchange to issue a delisting warning to the company.
Lifecore Biomedical draws delisting warning after delay in filing quarterly financials
Chaska-based Lifecore, which makes injectable pharmaceuticals, also anounced last month the company is exploring a possible sale.
April 18, 2023 at 10:00AM
The third quarter of Lifecore's 2023 fiscal year ended Feb. 26, and the company has not yet announced any results for that quarter. SEC guidelines give most companies 40 days from the end of a quarter to file.
Chaska-based Lifecore, which makes injectable pharmaceuticals, announced last month the company is exploring strategic alternatives which could include the sale of the company. It disclosed in an SEC filing April 10 it didn't file its quarterly financials because of a "delay in obtaining and compiling information."
The company received a notice from Nasdaq on April 13 indicating it was not in compliance with listing requirements for the exchange. The company disclosed receiving the notice on April 14.
The notice from Nasdaq has no immediate effect on the listing or trading of Lifecore's stock. The company has until June 12 to submit a plan to regain compliance.
Per a filing, Lifecore said it is working to file financials "as promptly as possible."
With the sale, the company will strengthen focus on medical device components.
