LANNETT CO INC: Nasdaq/NYSE listing notice — NYSE to delist Lannett (LCI); company defers interest on 7.75% notes and 2L credit facility

LANNETT CO INC

NYSE to delist Lannett common stock due to average market cap below $15M over 30 days; trading suspended after close on April 19, 2023.
Company will not appeal; stock to trade OTC under ticker LCI starting April 20, 2023.
Deferred interest payment due April 17 on 7.750% senior secured notes 2026; enters 30-day grace period.
Also deferring interest due April 24 on second lien term loan; five-business-day grace period; defaults could trigger cross-defaults on other debt.
Company has $47M unrestricted cash as of March 31; cites negotiations with secured creditors for a balance sheet strengthening transaction.

item 3.01 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.95

LANNETT CO INC received a nyse delisting notice notice regarding market value (rules 802.01B).

Exchange: nyse
Notice: delisting notice
Deficiency: market value
Rules: 802.01B

Exact text from the filing

April 19, 2023, Lannett Company, Inc. (the “Company”) 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 (“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 had fallen below the NYSE’s continued listing standard requiring listed companies to maintain an average global market capitalization of at least $15 million over a consecutive 30-trading day period. The NY

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Source: SEC EDGAR

accession 0001104659-23-047442

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