Lifeway Foods, Inc., the leading U.S. supplier of kefir and fermented probiotic products to support the microbiome, announced that it has received a notice (the “Nasdaq Notice”), dated August 23, 2022, from The NASDAQ Stock Market LLC (“Nasdaq”) indicating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) since it has not yet filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 (the “Second Quarter Form 10-Q”) with the Securities and Exchange Commission (the “SEC”). The Company received an initial notice from Nasdaq, dated April 25, 2022, relating to the Company’s failure to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (the “Form 10-K”), and a subsequent notice from Nasdaq, dated May 24, 2022, relating to the Company’s failure to timely file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 (the “First Quarter Form 10-Q”).
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The Nasdaq Notice, which has no immediate effect on the listing or trading of the Company’s common stock on the Nasdaq Capital Market, states that the Company is required to submit a plan to regain compliance with Nasdaq’s Rule 5250(c)(1) on or before September 7, 2022. If Nasdaq accepts the plan, it may grant the Company an extension of up to 180 calendar days from the due date of the Form 10-K, or October 12, 2022, to regain compliance.
The Company previously disclosed the circumstances that caused the late filings and filed its Form 10-K on July 21, 2022. The Company is working diligently on its plan to regain compliance and file its First Quarter Form 10-Q and Second Quarter Form 10-Q as soon as practicable.
Lifeway Foods, Inc., which has been recognized as one of Forbes’ Best Small Companies, is America’s leading supplier of the probiotic, fermented beverage known as kefir. In addition to its line of drinkable kefir, the company also produces cheese, probiotic oat milk, and a ProBugs line for kids. Lifeway’s tart and tangy fermented dairy products are now sold across the United States, Mexico, Ireland, France and the United Kingdom. Learn how Lifeway is good for more than just you at lifewayfoods.com.