AOI acting on stock-price non-compliance notice

Alliance One International said yesterday that it was notified by the New York Stock Exchange (NYSE) on Monday that its common stock was not in compliance with the NYSE’s continued listing standard that requires a minimum average closing price of $1.00 per share over a period of 30 consecutive trading days.

‘In response, earlier today the Company notified the NYSE that it intends to cure such deficiency and submitted a plan outlining the actions it intends to complete to increase its share price, including pursuing a reverse split of its common stock on the terms it announced on March 11, 2015,’ Alliance said in a note posted on its website.

‘Under the NYSE’s rules, the Company has a period of six months from the date of the NYSE notice to bring its 30-day average share price back above $1.00. During this period, the Company’s common stock will continue to be traded on the NYSE, subject to the Company’s compliance with other NYSE listing requirements, but will be assigned a “.BC” indicator by the NYSE to signify that the Company is not currently in compliance with the NYSE’s continued listing standards.

‘The Company’s business operations and United States Securities and Exchange Commission reporting requirements are not affected by the receipt of the NYSE’s notification.’