TREVOSE,
Pa., Jan. 25, 2023 /PRNewswire/ -- Lannett
Company, Inc. (NYSE: LCI) today announced that its Board of
Directors approved a 1-for-4 reverse stock split of its issued and
outstanding shares of common stock, effective at 5 p.m. Eastern Time on February 6, 2023. Beginning February 7, 2023, the company's common stock will
trade on a split-adjusted basis. The common stock will continue to
trade on the New York Stock Exchange (NYSE) under the symbol "LCI,"
but will trade under the new CUSIP number 516012 200. The reverse
stock split was approved by Lannett Company's stockholders at the
company's Annual Meeting of Stockholders held on January 25, 2023.
Upon the effectiveness of the reverse stock split, every four
shares of the company's issued and outstanding common stock will
automatically be converted into one share of common stock. The
company's authorized shares of common stock, outstanding warrants,
equity-based awards and convertible notes will be proportionately
adjusted. No fractional shares will be issued in connection with
the reverse stock split. Following the completion of the reverse
stock split, Lannett's transfer agent will aggregate all fractional
shares that otherwise would have been issued as a result of the
reverse stock split and those shares will be sold into the market.
Stockholders who would otherwise hold a fractional share of Lannett
common stock will receive a cash payment from the proceeds of that
sale in lieu of such fractional share.
Additional information about the reverse stock split can be
found in Lannett Company's definitive proxy statement filed with
the Securities and Exchange Commission (SEC) on November 29, 2022.
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
impact of the reverse stock split on the price and trading market
for the company's common stock; the company's ability to regain and
maintain compliance with the continued listing standards of the
NYSE, 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 recent significant rise in the number of Covid
cases in China as well as 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.
Contact:
Robert Jaffe
Robert Jaffe Co., LLC
(424) 288-4098
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SOURCE Lannett Company, Inc.
