Also Announces Name Change and Reverse Split
Ratio
LINYI CITY, China, Sept. 28, 2018 /PRNewswire/ -- American
Lorain Corporation (the "Company")
(NYSE American: ALN) announced today the results of its annual
meeting of stockholders held on September
26, 2018 in Junan County, Shandong, China. At the meeting,
stockholders approved, among other things, a name change of the
Company from "American Lorain
Corporation" to "Planet Green Holdings Corp." and a reverse
stock split of the Company's outstanding common stock of not less
than 10-for-1 and not more than 25-for-1.
The Company's Board of Directors subsequently approved a reverse
split ratio of 25-for-1, effective October
1, 2018 ("Effective Time"). The Company's common stock
will open for trading on NYSE American on October 1, 2018 on a post-split basis under its
new name and under a new trading symbol "PLAG." Upon
effectiveness of the reverse stock split, every 25 shares of the
Company's common stock issued and outstanding as of the Effective
Time will be consolidated into one issued and outstanding share.
Should the reverse stock split result in any of the Company's
stockholders owning a fractional share, such fractional share will
be rounded up to the nearest whole share. The reverse stock
split is intended to cure the price condition deficiency under NYSE
American 1003f(v) and restore the Company to compliance under the
continued listing criteria set forth in the rules of NYSE
American.
The Company has retained its transfer agent, Direct Transfer
LLC, formerly Interwest Transfer Co., Inc., a division of Issuer
Direct Corporation ("Issuer Direct"), to act as its exchange agent
for the reverse stock split. Stockholders of record as of the
Effective Time who wish to exchange their stock certificates may
contact Issuer Direct by telephone at (801) 272-9294 or by email at
info@interwesttc.com. Stockholders owning shares via a broker or
other nominee will have their positions automatically adjusted to
reflect the reverse stock split, subject to brokers' particular
processes, and will not be required to take any action in
connection with the reverse stock split.
At the annual meeting, stockholders also approved and ratified
(i) the election of Hongxiang Yu,
Yimin Jin, Yuguo Zhang, Yilei
Shao and Guangming Fang as
directors of the Company, (ii) the sale of an aggregate of
58,823,530 shares of the Company's common stock to Yimin Jin, the Company's Chief Strategy Officer
and Director, and Hongxiang Yu, the
Chairman and Director, for $10
million, (iii) the sale of the Company's discontinued
businesses and interests in its ongoing businesses to Si Chen, the
then-Chairman of the Company, and (iv) the appointment of WWC, P.C.
as the Company's independent registered public accounting firm for
the fiscal year ending December 31,
2018.
Additional information regarding the annual meeting of the
stockholders can be found in the Current Report on Form 8-K to be
filed by the Company with the U.S. Securities and Exchange
Commission.
For more information please contact:
Chen Xing
+86 539-731-7959
dongshiban@163.com
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SOURCE American Lorain
Corporation