Lifecore Biomedical, a fully integrated contract development and manufacturing organization (“CDMO”), entered in an agreement with BMO, a leading provider of global investment and corporate banking services and one of North America’s largest banks, which amends and extends the terms of Lifecore’s existing asset-based lending (“ABL”) revolving credit facility entered into between Lifecore and BMO in December 2020. The amendment extends the term of the facility by three years to November 2027, as well as simplifying and reducing the interest rates, and providing flexibility for Lifecore as it relates to certain covenants and reporting requirements.

“BMO is a highly regarded global provider of corporate banking services and has been a trusted partner to Lifecore for more than 10 years. The willingness of the BMO team to extend and amend our existing revolving credit facility with advantageous terms demonstrates the bank’s confidence in our current business, as well as our ability to execute on our go-forward growth strategy,” said Ryan Lake, chief financial officer of Lifecore. “This ABL amendment is the latest positive strategic financial action executed by Lifecore, following our recent successful raising of $24.3 million in a private placement of Lifecore common stock. Together, these activities have significantly improved our balance sheet and overall financial position, providing a strong foundation for future growth.”