LINYI CITY, China, April 24, 2018 /PRNewswire/ -- On
April 18, 2018, American Lorain Corporation (the "Company") (NYSE
American: ALN) received a notice from NYSE American LLC (the
"Exchange") that the Company was not in compliance with
Sections 1003(a)(i) and 1003(a)(ii) of the NYSE American Company
Guide (the "Company Guide") since the Company reported a
stockholders' equity deficit of ($3.05)
million as of December 31,
2017 and net losses in three of its four most recent fiscal
years ended December 31, 2017.
In order to maintain its listing on the Exchange, the Company
must, by May 21, 2018, submit a plan
of compliance (the "Plan") advising the Exchange of actions it has
taken or will take to regain compliance with Sections 1003(a)(i)
and 1003(a)(ii) of the Company Guide by October 21, 2019 (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 Plan is not accepted by the Exchange, then the Company
will be subject to delisting proceedings.
In addition, the Exchange has informed the Company that the
Company's securities have been selling for a low price per share
for a substantial period of time. Consequently, pursuant to Section
1003(f)(v) of the Company Guide, the Company's continued listing is
predicated on the Company's effecting a reverse stock split of the
Company's common stock or otherwise demonstrating sustained price
improvement by no later than October 19,
2018.
The Company's management is beginning its analysis regarding
submission of a Plan to the Exchange by the May 21, 2018 deadline. Si Chen, the Chairman of
the Company, stated, "We understand our obligations under
applicable NYSE rules and intend to fully comply with these
requirements."
However, there can be no assurance that the Company will be able
to achieve compliance with the Exchange's continued listing
standards within the required time period.
Company Contact
Chen Xing
+86-539-731 7959
dongshiban@163.com
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SOURCE American Lorain
Corporation