UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
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Securities registered pursuant to Section 12(b) of the Act:
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On March 2, 2022, Lannett Company, Inc. (the “Company”), received notice (the “Notice”) from the New York Stock Exchange (the “NYSE”) that it is no longer in compliance with NYSE continued listing standards set forth in Section 802.01B of the NYSE’s Listed Company Manual because the Company’s average global market capitalization over a consecutive 30 trading-day period was less than $50 million and, at the same time, its stockholders’ equity was less than $50 million. As set forth in the Notice, as of March 1, 2022, the 30 trading-day average global market capitalization of the Company was $48.3 million and the Company’s last reported stockholders’ deficit as of December 31, 2021 was $126.2 million. The Company’s absolute market capitalization as of March 1, 2022 was approximately $36.1 million.
In accordance with NYSE listing requirements, the Company has notified the NYSE that it will submit a plan within 45 days of receipt of the Notice advising the NYSE of definitive action it has taken, or is taking, to bring it into conformity with Section 802.01B within 18 months of receipt of the Notice. The NYSE will review the Company’s plan and make a determination as to whether the Company has made a reasonable demonstration of its ability to come into conformity with Section 802.01B within 18 months. If the Company’s plan is not submitted on a timely basis or is not accepted, the NYSE will initiate delisting proceedings. If the NYSE accepts the Company’s plan, the Company’s common stock will continue to be listed and traded on the NYSE during the cure period, subject to the Company’s compliance with the plan and other continued listing standards. The NYSE will review the Company on a quarterly basis to confirm compliance with the plan. If the Company fails to comply with the plan or does not meet continued listing standards at the end of the 18-month cure period, it will be subject to the prompt initiation of NYSE suspension and delisting procedures.
The Notice has no immediate impact on the listing of the Company’s common stock, which will continue to be listed and traded on the NYSE during the cure period under the trading symbol “LCI”, subject to the Company’s continued compliance with the plan and other listing requirements of the NYSE. However, the common stock trading symbol will have an added designation of “BC” to indicate that the status of the common stock is “below compliance” with the NYSE continued listing standards. The “BC” indicator will be removed at such time as the Company regains compliance.
The Notice does not affect the Company’s business operations or its reporting obligations with the Securities and Exchange Commission, and it does not conflict with or cause an event of default under any of the Company’s material debt or other agreements.
Item 7.01 Regulation FD Disclosure.
On March 4, 2022, the Company issued a press release announcing the receipt of the Notice. A copy of the press release is attached as Exhibit 99.1 to this current report on Form 8-K and is incorporated herein by reference.
The information in this report (including Exhibit 99.1) shall not be deemed to be “filed” for purposes of Section 18, of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
99.1 March 4, 2022 Press Release addressing NYSE continued listing criteria
104 Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
LANNETT COMPANY, INC
By: | /s/ Samuel Israel | |
Chief Legal Officer and General Counsel | ||
Date: March 4, 2022 |
EXHIBIT INDEX
Exhibit: | Description: |
99.1 | March 4, 2022 Press Release addressing NYSE continued listing criteria |
104 | Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document. |
Exhibit 99.1
Contact: | Robert Jaffe | |
Robert Jaffe Co., LLC | ||
(424) 288-4098 |
LANNETT announces receipt of notice of non-compliance from nyse
Philadelphia, PA – March 4, 2022 – 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.
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Cover |
Mar. 02, 2022 |
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Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Mar. 02, 2022 |
Entity File Number | 001-31298 |
Entity Registrant Name | LANNETT CO INC |
Entity Central Index Key | 0000057725 |
Entity Tax Identification Number | 23-0787699 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 1150 Northbrook Drive |
Entity Address, Address Line Two | Suite 155 |
Entity Address, City or Town | Trevose |
Entity Address, State or Province | PA |
Entity Address, Postal Zip Code | 19053 |
City Area Code | 215 |
Local Phone Number | 333-9000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.001 par value |
Trading Symbol | LCI |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |