TREVOSE, PA — Lannett Company, Inc. (NYSE: LCI) announced that its Board of Directors recently 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.
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