Lannett Co. shares fell 27% to 50 cents as they began trading over-the-counter after their suspension from the New York Stock Exchange.
The NYSE said Wednesday that the company’s stock didn’t maintain a $15 million global market capitalization over a consecutive 30-trading-day period. The maker of generic drugs said Thursday that it doesn’t expect to appeal the stock’s delisting.
Lannett “continues to engage in active discussions with key secured creditors regarding a potential deleveraging transaction.” Lannett said on April 4 that due to factors including continued competitive pressures, it was in talks with creditors about a potential recapitalization or restructuring of its capital structure.