LINYI CITY, China, April 24, 2017 /PRNewswire/ -- On April 18, 2017, American Lorain Corporation (NYSE MKT: ALN) (the
"Company") received a letter from NYSE MKT LLC (the "Exchange")
stating that the Exchange has determined that the Company is not in
compliance with Sections 134 and 1101 of the NYSE MKT Company Guide
(the "Company Guide") due to the Company's failure to timely file
with the SEC its Annual Report on Form 10-K for the year ended
December 31, 2016. The letter also
states that the Company's failure to timely file its Annual Report
on Form 10-K is a material violation of its listing agreement with
the Exchange and, therefore, pursuant to Section 1003(d) of the
Company Guide, the Exchange is authorized to suspend and, unless
prompt corrective action is taken, remove the Company's securities
from the Exchange.
The Exchange has informed the Company that, in order to maintain
its listing on the Exchange, the Company must, by May 18, 2017, submit a plan of compliance (the
"Plan") advising the Exchange of actions it has taken or will take
to regain compliance with Sections 134 and 1101 of the Company
Guide by October 18, 2017 (the "Plan
Period"). If the Plan is accepted by the Exchange, then the Company
will be able to continue its listing during the Plan Period, during
which time it will be subject to periodic monitoring for compliance
with the Plan. If the Company does not submit a Plan or the
Company's Plan is not accepted by the Exchange, then the Company
will be subject to delisting proceedings. Furthermore, if the Plan
is accepted by the Exchange, but the Company is not in compliance
with the continued listing standards of the Company Guide by
October 18, 2017, or if the Company
does not make progress consistent with the Plan during the Plan
Period, then the Exchange staff will initiate delisting proceedings
as appropriate.
Si Chen, the Chairman of the Company, stated, "We understand our
obligations under applicable NYSE rules and intend to fully comply
with these requirements."
About American Lorain
Corporation
American Lorain Corporation is
China's leading chestnut,
convenience food product and frozen food product manufacturer. The
company currently has 13 world-class standards of food production
lines, which can supply more than 200 products. For domestic trade,
it has more than thirty offices, with its sales network covering
large cities, medium-size cities and coastal cities all over
China. Regarding international
trade, the products are exported to more than 40 countries and
regions, such as Japan,
South Korea, Taiwan, Southeast
Asia and Europe, which
provides our company a high reputation in the international
market.
Company Contact
Chen Xing
(86) 18669512977
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SOURCE American Lorain
Corporation