LINYI, China, July 14, 2017 /PRNewswire/ -- On July 7, 2017, American Lorain Corporation (NYSE MKT: ALN) (the "Company") received a letter from NYSE MKT LLC (the "Exchange") indicating it has accepted the Company's business plan of compliance, which was submitted on May 26, 2017, and granted ALN an extension until October 18, 2017 to regain compliance with the Exchange's continued listing standards.
As previously reported on April 24, 2017, ALN received notification from the staff of the Exchange indicating it had determined that the Company was 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 Securities and Exchange Commission ("SEC") its Annual Report on Form 10-K for the year ended December 31, 2016. The Company expects to complete filing of its annual report for fiscal year ended December 31, 2016 and quarterly report for fiscal period ended March 30, 2017 as soon as possible.
As part of the acceptance, the Company will be subject to periodic review by the exchange staff during the extension period covered by the plan. Failure to make progress consistent with the plan or to regain compliance with the continued listing standards by the end of the applicable extension period could result in the company's shares being delisted from the exchange. If the Company's common stock was ultimately delisted from the exchange, it would be expected to trade on the OTC Bulletin Board.
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