MORTON
GROVE, Ill., May 26, 2022
/PRNewswire/ -- Lifeway Foods, Inc., (the "Company," Nasdaq: LWAY),
the leading U.S. supplier of kefir and fermented probiotic products
to support the microbiome, today announced that it has received a
notice (the "Nasdaq Notice"), dated May 24,
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 March 31,
2022 (the "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 year ended December 31,
2021 (the "Form 10-K").
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
June 20, 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 is working diligently on its plan to regain
compliance and file its Form 10-K and Form 10-Q 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.