RICHMOND, Va., Nov. 22,
2024 /PRNewswire/ -- Universal Corporation (NYSE:UVV)
("Universal" or the "Company"), a global business-to-business
agriproducts company, today announced that, as expected, on
November 19, 2024, it received a
notice (the "NYSE Notice") from the New York Stock Exchange (the
"NYSE") that the Company is not in compliance with Section 802.01E
of the NYSE Listed Company Manual as a result of its failure to
timely file its Quarterly Report on Form 10-Q for the fiscal
quarter ended September 30, 2024 (the
"Form 10-Q") with the U.S. Securities and Exchange Commission (the
"SEC") prior to November 18, 2024,
the end of the extension period provided by Rule 12b-25 under the Securities Exchange Act of 1934,
as amended.
The NYSE Notice has no immediate effect on the listing of the
Company's common stock on the NYSE. The NYSE Notice informed the
Company that, under NYSE rules, the Company has six months from
November 18, 2024, to regain
compliance with the NYSE listing standards by filing the Form 10-Q
with the SEC. If the Company fails to file the Form 10-Q within the
six-month period, the NYSE may grant, in its sole discretion, an
extension of up to six additional months for the Company to regain
compliance, depending on the specific circumstances. The NYSE
Notice also noted that the NYSE may nevertheless, in its own
discretion, commence delisting proceedings at any time during such
period.
As previously disclosed in the Company's Notification of Late
Filing on Form 12b-25, filed on November 12,
2024 (the "Form 12b-25") with the SEC, the Company was
unable to file the Form 10-Q on a timely basis due to an ongoing
internal investigation. As a result of the additional time required
to complete its internal investigation, the process of finalizing
financial statements for the second quarter of fiscal year 2025
could not be completed on a timely basis.
The Company is committed to completing a deliberate, thorough
investigation while diligently working to fulfill all reporting
obligations and currently expects to file the Form 10-Q within the
six-month period granted by the NYSE Notice; however, there can be
no assurance that the Form 10-Q will be filed within such
period.
About Universal Corporation
Universal Corporation (NYSE: UVV) is a global agricultural
company with over 100 years of experience supplying products and
innovative solutions to meet our customers' evolving needs and
precise specifications. Through our diverse network of farmers and
partners across more than 30 countries on five continents, we are a
trusted provider of high-quality, traceable products. We leverage
our extensive supply chain expertise, global reach, integrated
processing capabilities, and commitment to sustainability to
provide a range of products and services designed to drive
efficiency and deliver value to our customers. For more
information, visit www.universalcorp.com.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING
INFORMATION
This release includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Among other things, these statements include statements regarding
expectations about the Company's filing of its Form 10-Q for the
quarter ended September 30, 2024.
These forward-looking statements are generally identified by the
use of words such as we "expect," "believe," "anticipate," "could,"
"should," "may," "plan," "will," "predict," "estimate," and similar
expressions or words of similar import. These forward-looking
statements are based upon management's current knowledge and
assumptions about future events and involve risks and uncertainties
that could cause actual results, performance, or achievements to be
materially different from any anticipated results, prospects,
performance, or achievements expressed or implied by such
forward-looking statements. Such risks and uncertainties include,
but are not limited to, the uncertainty of the ultimate findings of
the ongoing internal investigation, as well as the timing of its
completion and costs and expenses arising out of the ongoing
internal investigation process and its results; the impact of the
ongoing internal investigation on us, our management and
operations, including financial impact as well as any litigation or
regulatory action that may arise from the ongoing internal
investigation; the impact of the internal investigation on our
conclusions regarding the effectiveness of our internal control
over financial reporting and our disclosure controls and
procedures; our ability to regain compliance with NYSE listing
requirements; success in pursuing strategic investments or
acquisitions and integration of new businesses and the impact of
these new businesses on future results; product purchased not
meeting quality and quantity requirements; our reliance on a few
large customers; our ability to maintain effective information
technology systems and safeguard confidential information;
anticipated levels of demand for and supply of our products and
services; costs incurred in providing these products and services
including increased transportation costs and delays attributed to
global supply chain challenges; timing of shipments to customers;
higher inflation rates; changes in market structure; government
regulation and other stakeholder expectations; economic
and political conditions in the countries in which we and our
customers operate, including the ongoing impacts from international
conflicts; product taxation; industry consolidation and evolution;
changes in exchange rates and interest rates; impacts of regulation
and litigation on its customers; industry-specific risks related to
its plant-based ingredient businesses; exposure to certain
regulatory and financial risks related to climate change; changes
in estimates and assumptions underlying our critical accounting
policies; the promulgation and adoption of new accounting
standards, new government regulations and interpretation of
existing standards and regulations; and general economic,
political, market, and weather conditions. Actual results,
therefore, could vary from those expected. Please also refer to
such other factors as discussed in Part I, Item 1A. "Risk Factors"
of Universal's Annual Report on Form 10-K for the fiscal year ended
March 31, 2024, and related
disclosures in other filings which have been filed with the U.S.
Securities and Exchange Commission and are available on the SEC's
website at www.sec.gov. All risk factors and uncertainties
described herein and therein should be considered in evaluating
forward-looking statements, and all of the forward-looking
statements are expressly qualified by the cautionary statements
contained or referred to herein and therein. Universal cautions
investors not to place undue reliance on any forward-looking
statements as these statements speak only as of the date when made,
and it undertakes no obligation to update any forward-looking
statements made, except as required by law.
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SOURCE Universal Corporation