secwatch.observer — SEC 8-K summary
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Issuer:     LANNETT CO INC (—)
CIK:        0000057725
Form:       8-K
Filed at:   2023-04-20T23:59:59+00:00
Accession:  0001104659-23-047442
Event type: other_material
Sentiment:  negative
Materiality: 0.95
Item codes: 3.01, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

NYSE to delist Lannett (LCI); company defers interest on 7.75% notes and 2L credit facility
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/57725/000110465923047442/0001104659-23-047442-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/57725/000110465923047442/tm2313293d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-047442

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