Lifecore remains ‘actively engaged’ in evaluation of strategic alternatives

Lifecore Biomedical, Iprovided a business update. Lifecore is making significant progress towards completing its Annual Report on Form 10-K for the fiscal year ended May 28, 2023, which will include the previously disclosed restatements for prior fiscal periods. The Company expects to file the 2023 Form 10-K in the near term. The Company’s work on its Quarterly Report on Form 10-Q for the fiscal quarter ended August 27, 2023, is expected to commence immediately following the completion of its 2023 Form 10-K and be filed upon completion. Lifecore continues to advance its development portfolio with new and existing customers and is currently working on the validation activities of its newly installed five-head high-speed isolator filler. For the fiscal second quarter ended November 26, 2023, the Company added one additional project for a total of 32 projects in development and its development pipeline continues to be active with multiple opportunities across pre-clinical through late-phase of development as well as commercial tech transfers. Lifecore remains actively engaged in its evaluation of potential strategic alternatives, which remains ongoing. As previously announced, the Company has not set a timetable for completion of this strategic review process, nor has it made any decisions related to its strategic alternatives at this time. There can be no assurance that this strategic review will result in the Company pursuing a transaction or that any transaction, if pursued, will be completed on attractive terms, or at all.