AMERICAN LORAIN CORPORATION (NYSEMKT:ALN) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued
Listing Rule or Standard; Transfer of Listing.
On March 30, 2017, American Lorain Corporation (the Company)
filed a Form 12b-25 with the Securities and Exchange Commission
(SEC) indicating that the Company was delaying the filing of its
Annual Report on Form 10-K for the year ended December 31, 2016.
As previously disclosed in the Form 12b-25, the Company could not
complete the filing of its Annual Report on Form 10-K for the
period ended December 31, 2016, due to a delay in obtaining and
compiling information required to be included in the Company’s
Form 10-K, which delay could not be eliminated by the Company
without unreasonable effort and expense.
On April 18, 2017, 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
Companys 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 Companys failure to timely file its Annual Report
on Form 10-K is a material violation of its listing agreement
with the Exchange and, therefore, to Section 1003(d) of the
Company Guide, the Exchange is authorized to suspend and, unless
prompt corrective action is taken, remove the Companys 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 Companys 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.
On April 24, 2017, the Company issued a press a release stating
that it had received the letter from the Exchange.
Item 9.01 Financial Statements and
Exhibits.
| (d) | Exhibit 99.1 – Press Release dated April 24, 2017. |
About AMERICAN LORAIN CORPORATION (NYSEMKT:ALN)
American Lorain Corporation is a food manufacturing company. The Company develops, manufactures and sells a range of food products, including Chestnut products, Convenience foods and Frozen food products. The Company operates through three segments: Chestnut products, Convenience food products and Frozen food products. The Company manufactures its products in approximately six facilities in China. The Company has four types of product lines: deep-freezing lines, which are used to freeze raw materials for year-round production and to produce frozen food; Canning lines, which are used to produce canned products, including chestnut products; Convenience food lines, which are used for producing ready-to-cook (RTC) food products, ready-to-eat (RTE) food products and meals ready-to- eat (MRE) food products, all of which have nitrogen preservation capacity, and Chinese doughnuts lines, which are used to produce Chinese doughnut products. AMERICAN LORAIN CORPORATION (NYSEMKT:ALN) Recent Trading Information
AMERICAN LORAIN CORPORATION (NYSEMKT:ALN) closed its last trading session down -0.030 at 0.540 with 41,812 shares trading hands.