Lannett Company, Inc. (LCI) (“Lannett” or “the Company”) today announced that it received a written notice from the New York Stock Exchange (“NYSE”) dated April 19, 2023, notifying the Company that the NYSE will commence proceedings to delist the Company’s common stock from the NYSE.
Company Expects No Impact on Operations Negotiations with Key Secured Creditors Progressing Toward a Balance Sheet Strengthening Transaction TREVOSE, Pa., April 20, 2023 /PRNewswire/ -- Lannett Company, Inc. (LCI) (“Lannett” or “the Company”) today announced that it received a written notice from the New York Stock Exchange (“NYSE”) dated April 19, 2023, notifying the Company that the NYSE will commence proceedings to delist the Company’s common stock from the NYSE. The NYSE reached this determination pursuant to Section 802.01B of the NYSE’s Listed Company Manual because the Company has fallen below the NYSE’s continued listing standard requiring listed companies to maintain an average global market capitalization of at least $15,000,000 over a consecutive 30-trading day period. The NYSE suspended trading in the Company’s common stock immediately after market close on April 19, 2023. The Company’s common stock will begin trading in the over-the-counter market commencing on April 20, 2023. The common stock will retain the ticker symbol (LCI). The NYSE will apply to the Securities and Exchange Commission (the “SEC”) to delist the common stock upon completion of all applicable procedures, including any appeal by the Company of the NYSE’s decision. The Company does not expect to appeal the delisting. The Company continues to engage in active discussions with key secured creditors regarding a potential deleveraging transaction, as previously announced. While the Company cannot provide any assurance as to if or when it will consummate any such transactions or the terms of any such transactions, the Company expects to be able to reach an agreement with its key secured creditors in the near term on such a transaction. About Lannett Company, Inc.: Forward Looking Statements: The information in this press release should be read in conjunction with information in the Company’s filings with the SEC, including its most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q.
View original content to download multimedia:https://www.prnewswire.com/news-releases/nyse-to-suspend-trading-immediately-in-lannett-company-inc-lci-and-commence-delisting-proceedings-301802729.html SOURCE Lannett Company, Inc. | ||||||
Company Codes: NYSE:LCI |