Lifecore Biomedical, Inc. ("Lifecore" or the "Company"), announced today that it received a notice ("Notice") on January 11, 2023 from the Listing Qualifications Department of The Nasdaq Stock Market ("Nasdaq") stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the "Listing Rule") because the Company failed to timely file its Quarterly Report on Form 10-Q for the quarter ended November 27, 2022 (the "Form 10-Q") with the Securities and Exchange Commission.
The Notice has no immediate effect on the listing or trading of the Company's securities on the Nasdaq Global Select Market. The Notice states that the Company has 60 calendar days from the date of the Notice, or March 12, 2023, to submit a plan to regain compliance with the Listing Rule. If Nasdaq accepts the Company's plan to regain compliance, then Nasdaq may grant the Company up to 180 calendar days from the prescribed due date of the Form 10-Q, or July 5, 2023, to file the fiscal second quarter Form 10-Q to regain compliance.
The Company continues to work diligently to complete the fiscal second quarter Form 10-Q and plans to file the 10-Q as promptly as possible to regain compliance with the Listing Rule.
This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.