MORTON
GROVE, Ill., April 25,
2022 /PRNewswire/ -- Lifeway Foods, Inc., (Nasdaq:
LWAY), the leading U.S. supplier of kefir and fermented
probiotic products to support the microbiome, today announced that
it has received a letter (the "Nasdaq Notice"), dated April 19, 2022, from The NASDAQ Stock Market LLC
("Nasdaq") indicating that because the Company had not yet filed
its Annual Report on Form 10-K for the fiscal year ended
December 31, 2021 (the "Form 10-K")
with the Securities and Exchange Commission (the "SEC"), the
Company is not in compliance with the Nasdaq Listing Rule
5250(c)(1). The Nasdaq Notice has no immediate effect on the
listing or trading of the Company's common stock on the Nasdaq
Capital Market.
The Nasdaq Notice states that
the Company is required to submit a plan to regain compliance with Nasdaq's Rule
5250(c)(1) within 60 calendar days of the date of the
Nasdaq Notice. If the plan is accepted by Nasdaq,
Nasdaq is permitted to grant an extension of up to 180
calendar days from the due date of the Form 10-K to regain
compliance.
The Company previously discussed the circumstances behind the
late filing of the Form 10-K in the Notification of Late Filing on
Form 12b-25, filed with the SEC on April 1,
2022. The Company is working diligently on its plan to
regain compliance and file its Form 10-K as soon as
practicable.
About Lifeway Foods, Inc.
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.
Forward-Looking Statements
This release (and oral statements made regarding the subjects of
this release) contains "forward-looking statements" as defined in
the Private Securities Litigation Reform Act of 1995 regarding,
among other things, future operating and financial performance,
product development, market position, business strategy and
objectives. These statements use words, and variations of words,
such as "continue," "build," "future," "increase," "drive,"
"believe," "look," "ahead," "confident," "deliver," "outlook,"
"expect," and "predict." Other examples of forward looking
statements may include, but are not limited to, (i) statements of
Company plans and objectives, including the introduction of new
products, or estimates or predictions of actions by customers or
suppliers, (ii) statements of future economic performance, and
(III) statements of assumptions underlying other statements and
statements about Lifeway or its business. You are cautioned not to
rely on these forward-looking statements. These statements are
based on current expectations of future events and thus are
inherently subject to uncertainty. If underlying assumptions prove
inaccurate or known or unknown risks or uncertainties materialize,
actual results could vary materially from Lifeway's expectations
and projections. These risks, uncertainties, and other factors
include: price competition; the decisions of customers or
consumers; the actions of competitors; changes in the pricing of
commodities; the effects of government regulation; possible delays
in the introduction of new products; and customer acceptance of
products and services. A further list and description of these
risks, uncertainties, and other factors can be found in Lifeway's
Annual Report on Form 10-K for the fiscal year ended December
31, 2020, and the Company's subsequent filings with the SEC. Copies
of these filings are available online
at https://www.sec.gov, http://lifewaykefir.com/investor-relations/,
or on request from Lifeway. Information in this release is as of
the dates and time periods indicated herein, and Lifeway does not
undertake to update any of the information contained in these
materials, except as required by law. Accordingly, YOU SHOULD NOT
RELY ON THE ACCURACY OF ANY OF THE STATEMENTS OR OTHER INFORMATION
CONTAINED IN ANY ARCHIVED PRESS RELEASE.
For general Lifeway Foods inquiries:
info@lifeway.net
Phone: 847-967-1010
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SOURCE Lifeway Foods, Inc.