(24/7 MARKET NEWS) – Lifecore Biomedical, Inc. (NASDAQ: LFCR) announced, after yesterday’s market close, that it entered into a broad set of agreements with its long-term customer, Alcon (NYSE: ALC). The lending and equipment sale and leaseback terms call for Alcon to commit $150 million, which provides for the repayment of the Company’s existing credit agreement with its current lenders and substantially increases the amount of hyaluronic acid (“HA”) that Lifecore is expected to supply for use in Alcon’s commercial products.
Lifecore Biomedical is trading at $6.00, up $0.64 (+11.94%), on 8K premarket shares traded.
Its 52-week range is $1.52 to $11.955. It’s eclipsed its recent resistance and, if its trading volume increases, it has a potential pathway to new 2023 highs.
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