MORRISVILLE, N.C., July 1, 2016 /PRNewswire/ -- Alliance One International, Inc. (NYSE: AOI) today announced that on June 30, 2016 it received a notice from NYSE Regulation, Inc. ("NYSE Regulation") indicating that the company is not in compliance with the continued listing requirements of the New York Stock Exchange (the "NYSE") under the timely filing criteria outlined in Section 802.01E of the NYSE Listed Company Manual as a result of its failure to timely file with the Securities and Exchange Commission (the "SEC") its Annual Report on Form 10-K for the fiscal year ended March 31, 2016 (the "Form 10‑K"). Under the NYSE rules, the company will have six months to file the Form 10-K with the SEC and can regain compliance with the NYSE listing standards at any time prior to such date by filing the Form 10-K with the SEC. If the company fails to file its Form 10-K prior to such date, then NYSE Regulation may grant, at its discretion, a further extension of up to six additional months, depending on the specific circumstances. The letter from the NYSE Regulation also notes that the NYSE Regulation may commence delisting proceedings at any time if the circumstances warrant.
As disclosed by Alliance One in its Form 12b-25/A filed with the SEC on June 29, 2016, on May 25, 2016, the company filed with the SEC its Amendment No. 1 on Form 10-K/A for the fiscal year ended March 31, 2015 (the "Form 10-K/A") to amend its Annual Report on Form 10 K for such fiscal year, its amendment No. 1 on Form 10-Q/A for the period ended June 30, 2015 (the "Form 10-Q/A") to amend its Quarterly Report on Form 10-Q for such period, its Quarterly Report on Form 10-Q for the period ended September 30, 2015 (the "Second Quarter Form 10-Q") and its Quarterly Report on Form 10-Q for the period ended December 31, 2015 (the "Third Quarter Form 10-Q"). The Form 10-K/A and Form 10-Q/A were filed to correct errors the company discovered in its accounting at its Kenya subsidiary; certain details regarding those errors and adjustments are discussed in Note 1A "Restatement of Previously Issued Consolidated Financial Statements" of Notes to Consolidated Financial Statements (As Restated) included in Item 8 of the Form 10-K/A and in Note 1A "Restatement of Previously Issued Condensed Consolidated Financial Statements" of Notes to Condensed Consolidated Financial Statements (As Restated) included in Item 1 of the Form 10 Q/A. The effort required to file the 10-K/A, the Form 10-Q/A, the Second Quarter Form 10-Q and Third Quarter Form 10-Q has delayed the preparation and completion of the company's Form 10-K for the fiscal year ended March 31, 2016. As a result,the company was unable to file the Form 10-K within the prescribed time period and intends to file the Form 10-K as soon as practicable.