JINJIANG, China, Oct. 11,
2022 /PRNewswire/ -- Antelope Enterprise Holdings
Limited (NASDAQ Capital Market: AEHL) ("Antelope Enterprise" or the
"Company"), a Chinese manufacturer of ceramic tiles used for
exterior siding and for interior flooring and design in residential
and commercial buildings, and which engages in business management,
information systems consulting, and online social commerce and live
streaming, today announced that on October
10, 2022, it received a deficiency letter from the Listing
Qualifications Department (the "Staff") of the Nasdaq Stock Market
("Nasdaq"). The deficiency letter advised that for the last 30
consecutive business days the bid price for the Company's common
stock had closed below the minimum $1.00 per share requirement for continued
inclusion on the Nasdaq Capital Market pursuant to Nasdaq Listing
Rule 5550(a)(2) (the "Bid Price Rule"). The deficiency letter does
not result in the immediate delisting of the Company's common stock
from the Nasdaq Capital Market.
In accordance with Nasdaq Listing Rule 5810(c)(3)(A) (the
"Compliance Period Rule"), the Company has been provided an initial
period of 180 calendar days, or until April
10, 2023 (the "Compliance Date"), to regain compliance with
the Bid Price Rule. If, at any time before the Compliance Date, the
bid price for the Company's common stock closes at $1.00 or more for a minimum of 10 consecutive
business days as required under the Compliance Period Rule, the
Staff will provide written notification to the Company that it
complies with the Bid Price Rule, unless the Staff exercises its
discretion to extend this 10 day period pursuant to Nasdaq Listing
Rule 5810(c)(3)(H).
If the Company is not in compliance with the Bid Price Rule by
April 10, 2023, the Company may be
afforded a second 180 calendar day period to regain compliance. To
qualify, the Company would be required to meet the continued
listing requirement for the market value of its publicly held
shares and all other initial listing standards for The Nasdaq
Capital Market, except for the minimum bid price requirement. In
addition, the Company would be required to notify Nasdaq of its
intent to cure the minimum bid price deficiency, which may include,
if necessary, implementing a reverse stock split.
If the Company does not regain compliance with the Bid Price
Rule by the Compliance Date and is not eligible for an additional
compliance period at that time, the Staff will provide written
notification to the Company that its common stock may be delisted.
The Company would then be entitled to appeal the Staff's
determination to a NASDAQ Listing Qualifications Panel and request
a hearing. There can be no
assurance that, if the Company does appeal the delisting
determination by the Staff to the NASDAQ Listing Qualifications
Panel, that such appeal would be successful.
The Company intends to monitor the closing bid price of its
common stock and may, if appropriate, consider available options to
regain compliance with the Bid Price Rule, which could include
effecting a reverse stock split. However, there can be no assurance
that the Company will be able to regain compliance with the Bid
Price Rule.
About Antelope Enterprise Holdings Limited
Antelope Enterprise Holdings Limited is a leading manufacturer
of ceramic tiles in China. The
Company's ceramic tiles are used for exterior siding, interior
flooring, and design in residential and commercial buildings.
Antelope Enterprise's products, sold under the "Hengda" or "HD",
are available in over 2,000 style, color and size combinations and
are distributed through a network of exclusive distributors as well
as directly to large property developers. The Company also engages
in business management, information systems consulting, SaaS
(software as a service) and PaaS (platform as a service) systems
platforms, and online social commerce and live streaming in
China. For more information,
please visit http://www.aehltd.com.
Safe Harbor Statement
Certain of the statements made in this press release are
"forward-looking statements" within the meaning and protections of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements include statements with respect to our
beliefs, plans, objectives, goals, expectations, anticipations,
assumptions, estimates, intentions, and future performance, and
involve known and unknown risks, uncertainties and other factors,
which may be beyond our control, and which may cause the actual
results, performance, capital, ownership or achievements of the
Company to be materially different from future results, performance
or achievements expressed or implied by such forward-looking
statements. Forward-looking statements in this press release
include, without limitation, the continued stable macroeconomic
environment in the PRC, the PRC real estate, construction and
technology sectors continuing to exhibit sound long-term
fundamentals, our ability to bring additional ceramic tile
production capacity online going forward as our business improves,
our ceramic tile customers continuing to adjust to our product
price increases, our ability to sustain our average selling price
increases and to continue to build volume in the quarters ahead,
and whether our enhanced marketing efforts will help to produce
wider customer acceptance of the new price points; and our ability
to continue to grow our business management, information system
consulting, and online social commerce and live streaming business.
All statements other than statements of historical fact are
statements that could be forward-looking statements. You can
identify these forward-looking statements through our use of words
such as "may," "will," "anticipate," "assume," "should,"
"indicate," "would," "believe," "contemplate," "expect,"
"estimate," "continue," "plan," "point to," "project," "could,"
"intend," "target" and other similar words and expressions of the
future.
All written or oral forward-looking statements attributable
to us are expressly qualified in their entirety by this cautionary
notice, including, without limitation, those risks and
uncertainties described in our annual report on Form 20-F for the
year ended December 31, 2021 and
otherwise in our SEC reports and filings. Such reports are
available upon request from the Company, or from the Securities and
Exchange Commission, including through the SEC's Internet website
at http://www.sec.gov. We have no obligation and do not undertake
to update, revise or correct any of the forward-looking statements
after the date hereof, or after the respective dates on which any
such statements otherwise are made.
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SOURCE Antelope Enterprise Holdings Ltd.