UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact Name of Registrant as Specified in Its Charter)
COMMISSION FILE NO.
| State of |
||
| (State of Incorporation) | (I.R.S. Employer I.D. No.) |
(
(Address of principal executive offices and telephone number)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
(1) On April 19, 2023, Lannett Company, Inc. received a written notice from the New York Stock Exchange (the “NYSE”) notifying LCI that it would commence proceedings to delist our common stock and our common stock was suspended from trading. On April 20, 2023, our common stock began trading over-the-counter under the symbol “LCIN” and subsequently began trading under the symbol “LCINQ.” On May 4, 2023, the NYSE filed a Form 25 with the Securities and Exchange Commission (the “SEC”) to delist our common stock from trading and to remove it from registration under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The delisting became effective 10 days after the filing of the Form 25. In accordance with Rule 12d2-2 of the Exchange Act, the de-registration of our common stock under Section 12(b) of the Exchange Act would become effective 90 days, or such shorter period as the SEC may determine, from the date of the Form 25 filing.
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this Chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
EXPLANATORY NOTE
On June 16, 2023 (the “Effective Date”), Lannett Company, Inc. (“LCI”) and certain subsidiaries emerged from their chapter 11 restructuring process. Specifically, as previously disclosed, on May 2, 2023, LCI and certain of its subsidiaries (collectively, the “Debtors”), filed voluntary petitions (the “Chapter 11 Cases”) for reorganization under chapter 11 of title 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the U.S. Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). On May 2, 2023, the Debtors also filed a proposed joint prepackaged plan of reorganization [Docket No. 16] (as amended, supplemented, or modified, the “Plan”) and associated disclosure statement [Docket No. 17] (the “Disclosure Statement”) in the Bankruptcy Court. On June 5, 2023, the Debtors filed an amended Plan [Docket No. 220]. On June 8, 2023, the Bankruptcy Court entered the Findings of Fact, Conclusions of Law, and Order (I) Approving the Disclosure Statement for, and Confirming, the Amended Joint Prepackaged Chapter 11 Plan of Reorganization of Lannett Company, Inc. and its Debtor Affiliates, and (II) Granting Related Relief [Docket No. 243] (the “Confirmation Order”), which approved the Disclosure Statement and confirmed the Plan.
The Plan became effective on the Effective Date in accordance with its terms and the Debtors emerged from the Chapter 11 Cases. As part of the transactions undertaken pursuant to the Plan, the Debtors were reorganized and all of the shares of common stock of LCI outstanding immediately prior to the Effective Date, were cancelled, discharged and are now of no force and effect.
| Item 1.01 | Entry into a Material Definitive Agreement. |
Takeback Exit Facility
On the Effective Date, the reorganized Debtors (the “Reorganized Debtors”) entered into that certain First Lien Credit and Guaranty Agreement, dated as of June 16, 2023 (the “Takeback Credit Agreement”), with the lenders party thereto and Alter Domus (US) LLC, as administrative agent and collateral agent, which governs a financing facility consisting of term loans (the “Term Loans”) in an aggregate principal amount of $60 million (the “Takeback Exit Facility”).
The Takeback Exit Facility matures June 16, 2030, the seventh anniversary of the Effective Date, accrues interest, payable in-kind, at a rate of 2%, and is secured by all assets of the Reorganized Debtors.
The Takeback Credit Agreement contains certain customary affirmative and negative covenants, representations and warranties and events of default (subject in certain cases to customary grace and cure periods), including an event of default in the event that (x) any judgment or judgments are rendered against any one or more of the Reorganized Debtors in an amount equal to or greater than $7.5 million in the aggregate or (y) any Reorganized Debtor fails to pay and discharge any obligation or liability timely when due in an amount equal to or greater than $5.0 million in the aggregate and such obligation or liability remains unpaid and past due for more than 90 days.
New Revolving Credit Facility
On the Effective Date, the Reorganized Debtors entered into that certain Credit and Guaranty Agreement, dated as of June 16, 2023 (the “New RCF Credit Agreement”), with the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent and collateral agent, which governs a revolving credit facility consisting of revolving commitments in an aggregate amount of $45.0 million (the “New RCF Facility” and the loans thereunder, the “Revolving Loans”). The proceeds of the Revolving Loans may be used (x) on the Effective Date to pay fees and expenses incurred in connection with the execution, delivery and performance by the Reorganized Debtors of the New RCF Credit Agreement and the borrowings contemplated thereby and other costs associated with emergence from the Chapter 11 Cases and (y) after the Effective Date for any purpose not prohibited by the New RCF Credit Agreement, including for working capital and general corporate purposes.
The New RCF Facility matures June 16, 2028, the fifth anniversary of the Effective Date, accrues interest at a rate of (x) Adjusted Term SOFR (as defined in the New RCF Credit Agreement) plus 2.50% or (y) Base Rate (as defined in the New RCF Credit Agreement) plus 1.50%, and is secured by all assets of the Reorganized Debtors.
The New RCF Credit Agreement contains certain customary affirmative and negative covenants, representations and warranties and events of default (subject in certain cases to customary grace and cure periods), including an event of default in the event that (x) any judgment or judgments are rendered against any one or more of the Reorganized Debtors in an amount equal to or greater than $7.5 million in the aggregate or (y) any Reorganized Debtor fails to pay and discharge any obligation or liability timely when due in an amount equal to or greater than $5.0 million in the aggregate and such obligation or liability remains unpaid and past due for more than 60 days.
| Item 1.02 | Termination of a Material Definitive Agreement. |
Prepetition Indebtedness
Pursuant to the Plan, on the Effective Date, the obligations of the Debtors under (i) the indenture, dated as of September 27, 2019, between LCI and Wilmington Trust, National Association, as trustee; (ii) the indenture, dated as of April 22, 2021, as supplemented by the first supplemental indenture, dated as of April 22, 2021, by and among LCI, the subsidiary guarantors party thereto and Wilmington Trust, National Association, as trustee and note collateral agent; and (iii) the Second Lien Credit and Guaranty Agreement, dated as of April 22, 2021, by and among LCI, the other creditor parties party thereto, the lenders party thereto and Alter Domus (US) LLC, as administrative agent and collateral agent (as further amended), were cancelled.
Equity Interests
In accordance with the Plan, on the Effective Date, all shares of LCI’s common stock issued and outstanding immediately prior to the Effective Date, and any rights of any holder in respect thereof, were deemed cancelled, discharged and of no further force or effect.
| Item 1.03 | Bankruptcy or Receivership. |
On June 16, 2023, the Debtors filed a Notice of (I) Entry of Order Approving the Disclosure Statement for, and Confirming the Debtors’ Amended Joint Prepackaged Chapter 11 Plan of Reorganization of Lannett Company, Inc. and its Debtor Affiliates, and (II) Occurrence of the Effective Date [Docket No. 260]. The information set forth in the explanatory note is incorporated by reference into this Item 1.03.
| Item 2.03 | Creation of Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information set forth in Item 1.01 is incorporated by reference into this Item 2.03.
| Item 3.02 | Unregistered Sales of Equity Securities. |
Pursuant to the Plan and following the cancellation of LCI’s outstanding common stock described in this Current Report, on the Effective Date, reorganized LCI (“Reorganized LCI”) issued (i) new common equity interests (the “New Common Stock”) to holders of notes outstanding under the First Lien Indenture (as defined in the Confirmation Order) and to lenders of the loans issued pursuant to the Second Lien Term Loan Agreement (as defined in the Confirmation Order), and (ii) new warrants to purchase the New Common Stock (the “New Warrants”) to holders of notes outstanding under the Convertible Notes Indenture (as defined in the Confirmation Order) and to the lenders of the loans issued pursuant to the Second Lien Term Loan Agreement. The issuance of the New Common Stock and New Warrants was exempt from registration under the Securities Act of 1933, as amended pursuant to section 1145 of the Bankruptcy Code or another exemption from registration.
| Item 3.03 | Material Modification to the Rights of Security Holders. |
The information set forth under the Explanatory Note and Items 1.01, 1.02, 1.03, 5.01 and 5.03 of this Current Report on Form 8-K is incorporated herein by reference.
| Item 5.01 | Changes in Control of Registrant. |
On the Effective Date, pursuant to the Plan, all equity interests in LCI outstanding immediately prior to the Effective Date, were cancelled, discharged, and are now of no force and effect. As described in Item 3.02, on the Effective Date, pursuant to the Plan, Reorganized LCI issued New Common Stock and New Warrants.
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Pursuant to the Plan, Patrick G. LePore, John C. Chapman, David Drabik and Melissa V. Rewolinski cease to be directors of LCI and Jeffrey Farber no longer serves as chair emeritus thereof. Timothy C. Crew, Jeffrey D. Goldberg and Jason Shandell were designated as members of the board of directors of Reorganized LCI (the “Board of Directors”).
Management Incentive Plan
After the Effective Date and pursuant to the Plan, the Reorganized Debtors will adopt and implement a new management incentive plan (the “Management Incentive Plan”) providing for the issuance from time to time, as approved by the Board of Directors, of equity awards with respect to the New Common Stock. The New Common Stock to be issued under the Management Incentive Plan will dilute all of the New Common Stock issued on the Effective Date.
| Item 5.03 | Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year. |
On the Effective Date, in connection with the Reorganized Debtors’ implementation of the Plan, the Reorganized Debtors adopted their New Organizational Documents (as defined in the Confirmation Order).
| Item 8.01 | Other Events. |
Deregistration of Common Stock
In conjunction with its emergence from bankruptcy, LCI intends to file post-effective amendments to each of its Registration Statements on Form S-3 and Form S-8 and promptly file a Form 15 with the U.S. Securities and Exchange Commission (the “SEC”) to deregister its securities under Section 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and suspend LCI’s reporting obligations under Sections 13(a) and 15(d) of the Exchange Act. Upon the filing of the Form 15, the LCI’s obligation to file periodic and current reports with the SEC, including Forms 10-K, 10-Q and 8-K, will be immediately suspended.
Press Release
On June 16, 2023, LCI issued a press release announcing its emergence from the restructuring process and successful consummation of the Plan. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference into this Item 8.01.
| Item 9.01 | Financial Statements and Exhibits. | |
| (d) | Exhibits. | |
| Exhibit Number |
Description | |
| 99.1 | Press Release, dated June 16, 2023 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| LANNETT COMPANY, INC. | ||
| By: | /s/ Samuel H. Israel | |
| Chief Legal Officer and General Counsel | ||
| Date: June 20, 2023 | ||
Exhibit 99.1
| Contact:customerservice@lannett.com |
Lannett Successfully Emerges from Chapter 11 in Significantly Stronger Financial Position as the Company Remains on Track Toward Commercialization of Highly Promising Pipeline
Plan of Reorganization Supported by All Major Creditor Constituencies
Transaction Reduces Company’s Debt by Approximately $600 Million
Emerges as a Private Company with New Board of Directors
Trevose, PA – June 16, 2023 – Lannett Company, Inc. (the “Company” or “Lannett”) today announced that it and certain of its subsidiaries have successfully emerged from their Chapter 11 cases following the confirmation of its Plan of Reorganization (the “Plan”) on June 8, 2023.
“Our swift and successful emergence marks a significant milestone for Lannett and represents a meaningful vote of confidence from our stakeholders in our long-term strategy and the future of our business,” said Tim Crew, Chief Executive Officer, Lannett. “We enter this new era for our Company on much stronger financial footing with renewed energy and the resources needed to focus on our core mission of manufacturing and producing safe, life-enhancing, and affordable pharmaceutical medicines. I thank our team, customers, and partners for their ongoing support during this process and look forward to partnering with our new board members to build a great future for Lannett.”
Upon emergence, the Company is well-positioned to invest in developing new, complex, and potentially commercially lucrative products across its pipeline, including its insulin franchise, respiratory, and ADHD medications. Compilation of the Company’s Biologics License Application (the “BLA”) for insulin glargine will be essentially complete in July and ready for filing. Prior to filing the BLA, the Company expects to request a pre-submission meeting with the U.S. Food and Drug Administration with the intent of expediting the timeline to receive final approval for insulin glargine, which is anticipated next year.
The Plan was supported by all major creditor constituencies, including more than 80% of holders of its Senior Secured Notes and 100% of holders of its Second Lien Term Loan. Through its financial restructuring, the Company reduced its debt by approximately $600 million, equitizing over $500 million of the Company’s prepetition senior secured debt. The Company also has entered into a credit agreement for a new Revolving Credit Facility to support post-emergence liquidity and invest in future growth.
Lannett will now operate as a privately-held company under the ownership of its prepetition lenders. Equity shares of the pre-emergence Company have been canceled and are no longer publicly trading. The Company will be led by the existing management team alongside a newly constituted three-member Board of Directors. Chief Executive Officer Tim Crew, who continues as a Company board member, will be joined by Jeffrey D. Goldberg and Jason Shandell. Both seasoned executives bring a wealth of experience and industry expertise to the Company to further guide Lannett’s strategic direction and future success.
About Lannett Company, Inc.:
Lannett Company, Inc., founded in 1942, develops, manufactures, packages, markets, and distributes generic pharmaceutical products for a wide range of medical indications. For more information, visit the company's website at www.lannett.com.
Cautionary Note Regarding Forward-Looking Statements
This release may contain “forward-looking statements.” All statements, other than statements of historical facts that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions based on management's views, estimates, beliefs as of the time of these statements regarding future events and results. When used in this release, words such as “will,” “potential,” “believe,” “estimate,” “intend,” “expect,” “may,” “should,” “anticipate,” “could,” “plan,” “predict,” “strategy,” “future” or their negatives or other words that convey the uncertainty of future events or outcomes are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Forward-looking statements involve uncertainties and are subject to many risks and variables. Actual future events may differ materially from those expressed in these forward-looking statements as a result of a number of factors. Although the Company believes its forward-looking statements are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (partially or in full) or will prove to have been correct. In light of the above, the events anticipated by the Company may not occur, and, if any of such events do, the Company may not have correctly anticipated timing or the extent of their impact. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. These cautionary statements qualify all forward-looking statements attributable to the Company or persons acting on the Company’s behalf.
Cover |
Jun. 16, 2023 |
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| Current Fiscal Year End Date | --06-30 |
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| Entity Registrant Name | LANNETT CO INC |
| Entity Central Index Key | 0000057725 |
| Entity Tax Identification Number | 23-0787699 |
| Entity Incorporation, State or Country Code | DE |
| Entity Address, Address Line One | 1150 Northbrook Drive |
| Entity Address, Address Line Two | Suite 155 |
| Entity Address, City or Town | Trevose |
| Entity Address, State or Province | PA |
| Entity Address, Postal Zip Code | 19053 |
| City Area Code | 215 |
| Local Phone Number | 333-9000 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common Stock, $0.001 par value |
| Trading Symbol | LCI |
| Security Exchange Name | NYSE |
| Entity Emerging Growth Company | false |
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