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Today, Lifecore Biomedical, Inc. (NASDAQ:LFCR), a pharmaceutical company with a market capitalization of $212.53 million, announced that its stockholders approved a proposal to issue shares exceeding 19.99% of its common stock. This move complies with Nasdaq Listing Rule 5635(d), which requires stockholder approval for issuances above this threshold. The announcement comes as the stock has experienced an 8.52% decline over the past week, though it maintains a strong 38.91% gain over the last six months, according to InvestingPro data.
The approval was part of a Special Meeting of Stockholders held today. The company had previously entered into a Securities Purchase Agreement on January 9, 2023, which involved the issuance of Series A Convertible Preferred Stock to certain investors. The stockholders' consent allows Lifecore Biomedical to convert these preferred shares into common stock beyond the 19.99% limit. InvestingPro analysis shows the company maintains healthy liquidity with a current ratio of 2.71, indicating strong ability to meet short-term obligations.
During the meeting, a second proposal was on the table to adjourn the Special Meeting if necessary to solicit additional proxies for the Issuance Proposal. However, this Adjournment Proposal was rendered unnecessary as the stockholders granted the required approval for the share issuance.
The voting results for the Issuance Proposal were 24,098,218 for, 444,639 against, and 33,281 abstaining. For the Adjournment Proposal, which ultimately did not proceed, the votes were 28,882,501 for, 464,086 against, and 35,505 abstaining.
Lifecore Biomedical's Chief Financial Officer, Ryan D. Lake, signed off on the SEC filing that disclosed these outcomes. The company, incorporated in Delaware and headquartered in Chaska, Minnesota, operates within the pharmaceutical preparations sector under the SIC code 2834.
This development is based on the company's 8-K filing with the Securities and Exchange Commission.
In other recent news, Lifecore Biomedical Inc. reported a 2% decline in revenue for its fiscal third quarter of 2025, totaling $35.2 million. The company also posted a net loss of $14.8 million, or $0.47 per diluted share. Despite these results, Lifecore's nine-month revenue increased by 2% to $92.4 million. The company continues to focus on expanding its customer base and advancing its product pipeline, having added six new customers and working on ten late-stage programs. Lifecore aims for a 12% revenue compound annual growth rate and over 25% EBITDA margins. Analyst discussions highlighted the company's efforts to improve cash flow, with Lifecore ending the quarter with $31 million in liquidity. The company has set a revenue guidance range of $126.5 million to $130 million for the full fiscal year and expects adjusted EBITDA to fall between $19 million and $21 million. Executives expressed optimism about achieving cash flow-positive operations in the second half of the year.
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