(MENAFN- PR Newswire)
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 .
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.
Robert Jaffe Co., LLC
SOURCE Lannett Company, Inc.
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