SINGAPORE, June 11,
2024 /PRNewswire/ -- Caravelle International Group
(Nasdaq:CACO), a leading global marine technology company received
the determination letter on June 10
from Nasdaq (the "Determination Letter") that for the 17
consecutive business days, from May 15,
2024, to June 7, 2024, the
closing bid price of the Company's ordinary shares has been at
$1.00 per share or greater.
Accordingly, the Company has regained compliance with the Minimum
Bid Requirement and this matter is now closed.
On June 10, 2024, Nasdaq also
notified the Company that, after its review of the materials
provided by the Company on May 24,
2024, Nasdaq determined to grant the Company an exception to
file its annual report on Form 20-F for the fiscal year ended
October 31, 2023 (the "Form 20") by
September 10, 2024, to enable the
Company to regain compliance with Nasdaq Listing Rule
5250(c)(1).
Caravelle International Group is committed to making every
effort to ensure the timely submission of the annual report. This
demonstrates the company's dedication to fulfilling its regulatory
obligations and maintaining its listing status on the Nasdaq stock
exchange.
About Caravelle International Group
Caravelle is a global ocean technology company. Its business
comprises of two sectors: the international shipping, operated by
the Topsheen Companies (Topsheen Shipping Group Corporation
(Samoa) and its subsidiaries) and
the new timber drying business under Singapore Garden Technology
Pte. Ltd. Caravelle is headquartered in Singapore.
Forward Looking Statements
This announcement contains "forward-looking" statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. All statements,
other than statements of historical fact, including, without
limitation, those with respect to the objectives, plans and
strategies of the Company set forth herein and those preceded by or
that include the words "believe," "expect," "anticipate," "future,"
"will," "intend," "plan," "estimate" or similar expressions, are
"forward-looking statements". Such statements include, but are not
limited to risks detailed in the Company's filings with the U.S.
Securities and Exchange Commission. These forward-looking
statements involve a number of risks and uncertainties, which could
cause the Company's future results to differ materially from those
anticipated. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those indicated or
anticipated by such forward-looking statements. All information
provided in this press release is as of the date of the
publication, and the Company does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
Contact
Caravelle International Group
60 Paya Lebar Road
#05-47 Paya Lebar Square
Singapore 409051
Email: info@caravelleglobal.com.cn
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SOURCE Caravelle International Group