Lannett announces NYSE stock delisting; talks with creditors continue

By Sarah Lizee

Olympia, Wash., April 20 – Lannett Co., Inc. received a written notice from the New York Stock Exchange on Wednesday notifying the company that it will start proceedings to delist the company’s common stock from the NYSE, according to a press release issued Thursday morning.

The company has 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 NYSE suspended trading in the company’s common stock immediately after market close on April 19.

The company’s common stock was set to begin trading in the over-the-counter market on April 20.

The common stock will retain the ticker symbol “LCI.”

The NYSE will apply to the Securities and Exchange Commission to delist the common stock upon completion of all applicable procedures, including any appeal by the company of the NYSE's decision. The company does not expect to appeal the delisting.

Lannett said it continues to engage in active discussions with key secured creditors regarding a potential deleveraging transaction.

The company is hoping to reach an agreement with its key secured creditors soon on a transaction.

Based in Trevose, Pa., Lannett develops, manufactures, packages, markets and distributes generic pharmaceutical products.

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