Universal Corp /va/

Universal Corporation (the “Company”) is unable to file its quarterly report on Form 10-Q for the period ended December 31, 2024 (“Third Quarter Form 10-Q”) by the prescribed date of February 10, 2025, without unreasonable effort and expense as explained below. In August 2024, shortly before filing the Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, the Company’s management was made aware of embezzlement by a former senior finance employee at the Company’s Mozambique subsidiary, Mozambique Leaf Tobacco Ltda. (“MLT”). The Company promptly commenced an internal investigation regarding these allegations and related matters. As previously reported, with the assistance of outside advisors, the Company’s internal investigation identified approximately $7 million in the aggregate of unauthorized payments during fiscal years 2022 through 2025. In total, the Company has identified approximately $16.7 million in the aggregate of unauthorized payments during fiscal years 2016 through 2025. With the assistance of outside advisors, the Company continues to work diligently to complete the investigation, including a review of the circumstances and timing around the discovery of the embezzlement, as soon as possible. The Company is currently unable to predict the outcome or time frame for completion of the investigation. As of the date of this notice, the Company does not believe material adjustments to its previously issued financial statements will be necessary or that the investigation will have a material impact on its financial results for fiscal year 2025. The Company is pursuing sources of recovery, including insurance. As a result of the ongoing investigation, the process of finalizing financial statements for the second and third quarters of fiscal year 2025 could not be completed on a timely basis. The Company intends to file all required reports as soon as practicable after the conclusion of the investigation

Universal Corporation (the “Company”) is unable to file its quarterly report on Form 10-Q for the period ended September 30, 2024 (“Second Quarter Form 10-Q”) by the prescribed date of November 12, 2024, without unreasonable effort and expense as explained below. In August 2024, after filing the Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, the Company’s management was made aware of embezzlement by a former senior finance employee at the Company’s Mozambique subsidiary, Mozambique Leaf Tobacco Ltda. (“MLT”). The Company promptly began conducting an internal investigation led by independent outside advisors, including legal advisors and forensic accountants, to review the accounting transactions and procedures related to the embezzlement. As of the date of this filing, and subject to further investigation, the Company, with the assistance of its independent advisors, currently has identified approximately $7 million in the aggregate of unauthorized payments during fiscal years 2022 through 2025. The investigation into the payments at issue is primarily focused on unauthorized bank transfers from MLT local bank accounts to the personal bank account of the former MLT employee. Preliminary investigative findings have identified similar payments by the former MLT employee prior to fiscal year 2022. These payments are still being investigated by the Company and its independent outside advisors to determine whether such payments were also unauthorized. The Company continues to work diligently with its independent outside advisors to complete the internal investigation as soon as possible. Although substantial progress has been made on the investigation, the work is ongoing, and the Company is currently unable to predict the outcome or time frame for completion of the investigation