Lifecore Biomedical receives Nasdaq notice for delaying quarterly report

Lifecore Biomedical, Inc. announced that it received a notice on January 10, 2024 from the Listing Qualifications Department of The Nasdaq Stock Market stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) because the Company failed to timely file its Interim Report on Form 10-Q for the period ended November 29, 2023, and because the Company remains delinquent in filing its Annual Report on Form 10-K for the period ended May 28, 2023 (the “Form 10-K”) and its Quarterly Report on Form 10-Q for the fiscal quarter ended August 27, 2023 (the “Q1 Form 10-Q” and, together with the Form 10-K and the Q2 Form 10-Q, the “Filings”) with the Securities and Exchange Commission.

The Notice has no immediate effect on the listing or trading of the Company’s common stock on the Nasdaq Global Select Market. On October 16, 2023, the Company submitted to Nasdaq its compliance plan (the “Compliance Plan”) with respect to the filing of the Form 10-K and Q1 Form 10-Q, which was approved by Nasdaq, granting the Company until February 12, 2024 (the “Exception Period”) to file the Form 10-K and Q1 Form 10-Q to regain compliance with the Listing Rule. In accordance with the instructions contained in the Notice, the Company plans to submit an update to the Compliance Plan on or prior to January 25, 2024 addressing its plans to file the Q2 Form 10-Q and regain compliance under the Listing Rule prior to the expiration of the Exception Period.

The Company continues to work diligently to complete the Filings and intends to file the Filings as promptly as possible to regain compliance under the Listing Rule, although there can be no assurances the Company will be able to complete the Filings and regain compliance under the Listing Rule prior to the expiration of the Exception Period.

This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.
MB Bureau