TREVOSE, Pa., March 4, 2022 /PRNewswire/ -- Lannett
Company, Inc. (NYSE: LCI) today announced that it has received
written notice from the New York Stock Exchange (NYSE) dated
March 2, 2022, notifying the company
that it is not in compliance with the continued listing standards
set forth in Section 802.01B of the
NYSE Listed Company Manual because its average market
capitalization has been less than $50
million over a consecutive 30 trading-day period, and at the
same time its last reported stockholders' equity was below
$50 million.
In accordance with NYSE procedures, the company has notified the
NYSE that it will submit a business plan within 45 days from its
receipt of the Notice demonstrating how it intends to regain
compliance with the NYSE's continued listing standards within 18
months of the date of the Notice. The NYSE will then review the
business plan.
The Notice has no immediate impact on the listing of the
company's shares of common stock, which will continue to trade on
the NYSE, subject to its continued compliance with the plan and
other NYSE continued listing standards.
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
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/lannett-announces-receipt-of-notice-of-non-compliance-from-nyse-301496108.html
SOURCE Lannett Company, Inc.