Lifeway Foods, Inc. (LWAY) Receives Nasdaq Non-Compliance Letter

Lifeway Foods, Inc., (Nasdaq: LWAY), the leading U.S. supplier of kefir and fermented probiotic products to support the microbiome, today announced that it has received a notice (the "Nasdaq Notice"), dated May 24, 2022, from The NASDAQ Stock Market LLC ("Nasdaq") indicating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) since it has not yet filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 (the "Form 10-Q") with the Securities and Exchange Commission (the "SEC"). The Company received an initial notice from Nasdaq, dated April 25, 2022, relating to the Company's failure to timely file its Annual Report on Form 10-K for the year ended December 31, 2021 (the "Form 10-K").

The Nasdaq Notice, which has no immediate effect on the listing or trading of the Company's common stock on the Nasdaq Capital Market, states that the Company is required to submit a plan to regain compliance with Nasdaq's Rule 5250(c)(1) on or before June 20, 2022. If Nasdaq accepts the plan, it may grant the Company an extension of up to 180 calendar days from the due date of the Form 10-K, or October 12, 2022, to regain compliance.

The Company previously disclosed the circumstances that caused the late filings and is working diligently on its plan to regain compliance and file its Form 10-K and Form 10-Q as soon as practicable.

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