Lifecore Biomedical Announces Special Stockholder Meeting

Core Points - Lifecore Biomedical, Inc. plans to hold a special meeting on April 10, 2025, to seek stockholder approval for a proposal to remove the Convertible Preferred Stock Exchange Cap, allowing for potential conversion of Series A Preferred Stock beyond the current limit of 19.99% of outstanding Common Stock [1][2] - The current maximum number of shares of Common Stock that can be converted from the Convertible Preferred Stock is 6,056,284 shares, and no holders have yet elected to convert their shares [2] - The board of directors has set February 18, 2025, as the record date for stockholders entitled to vote at the special meeting [3] Proposal Details - The proposal aims to eliminate the limitation on the conversion of Convertible Preferred Stock, which is currently capped at 19.99% of the outstanding Common Stock prior to issuance [2] - The meeting is specifically to accommodate the terms of the Convertible Preferred Stock Securities Purchase Agreement dated January 9, 2023, and Lifecore has no current plans to raise additional equity capital [2] Proxy Statement and Participation - Lifecore intends to file a preliminary proxy statement with the SEC regarding the special meeting, followed by a definitive proxy statement after SEC clearance [4] - Stockholders will receive further details on how to participate and vote at the special meeting through the definitive proxy statement [4] Company Overview - Lifecore Biomedical is a fully integrated contract development and manufacturing organization (CDMO) specializing in the development and manufacturing of sterile injectable pharmaceutical products, including injectable-grade hyaluronic acid [5]