LISHUI, China, Jan. 17,
2023 /PRNewswire/ -- CN Energy Group. Inc. (the
"Company"; NASDAQ: CNEY) today announced that it received a written
notice (the "Notification Letter") from The NASDAQ Stock Market LLC
("Nasdaq") on January 13, 2023. The
Notification Letter notifies that the Company is not in full
compliance with the minimum bid price requirement set forth in
Nasdaq Listing Rules for continued listing on the Nasdaq Capital
Market.
Nasdaq Listing Rule 5550(a)(2) requires listed securities to
maintain a minimum bid price of US$1.00 per share, and Nasdaq Listing Rule
5810(c)(3)(A) provides that a failure to meet the minimum bid price
requirement exists if the deficiency continues for a period of 30
consecutive business days. Based on the closing bid price of the
Company's Class A ordinary shares for the 30 consecutive business
days from November 30, 2022 to
January 12, 2023, the Company no
longer meets the minimum bid price requirement.
The Notification Letter does not impact the Company's listing on
the Nasdaq Capital Market at this time. In accordance with Nasdaq
Listing Rule 5810(c)(3)(A), the Company has been provided 180
calendar days, or until July 12, 2023, to regain compliance with
Nasdaq Listing Rule 5550(a)(2). To regain compliance, the Company's
Class A ordinary shares must have a closing bid price of at least
US$1.00 for a minimum of 10 consecutive business days. In the event
that the Company does not regain compliance by July 12, 2023, the
Company may be eligible for additional time to regain
compliance.
The Company's business operations are not affected by the
receipt of the Notification Letter. The Company intends to monitor
the closing bid price of its Class A ordinary shares and may, if
appropriate, consider implementing available options, including,
but not limited to, implementing a reverse share split of its
outstanding Class A ordinary shares, to regain compliance with the
minimum bid price requirement under the Nasdaq Listing Rules.
About CN Energy Group. Inc.
CN Energy Group. Inc. is currently listed on NASDAQ under the
symbol of CNEY. With patented proprietary bioengineering and
physiochemical technologies, the Company has pioneered and
specialized in producing high-quality recyclable activated carbon
and renewable energy from abandoned forest and agricultural
residues, converting harmful wastes into invaluable wealth and
delivering significant financial, economic, environmental and
ecologic benefits. The Company's products and services have
been widely used by food and beverage producers, industrial and
pharmaceutical manufacturers, as well as environmental protection
enterprises. For more information, please visit the Company's
website at www.cneny.com.
Forward-Looking Statements
Certain statements, other than statements of historical facts,
made in this announcement are forward-looking statements. These
forward-looking statements involve known and unknown risks and
uncertainties, including the further spread of the COVID-19 virus
or new variants thereof, or the occurrence of another wave of cases
and the impact it may have on the Company's operations and the
demand for the Company's products, and are based on current
expectations and projections about future events and financial
trends that the Company believes may affect its financial
conditions, results of operations, business strategy and financial
needs. Investors can identify these forward-looking statements by
words or phrases such as "may," "will," "expect," "anticipate,"
"aim," "estimate," "intend," "plan," "believe," "potential,"
"continue," "is/are likely to" or other similar expressions. The
Company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and the
Company cautions investors that actual results may differ
materially from the anticipated results and encourages investors to
refer to its filings with SEC, including without limitation,
Company's registration statements and other filings with the SEC
that set forth certain risks and uncertainties that may have an
impact on future results and directions of the Company.
Contact:
Investor Relations
Tel:+86-571-87555823
Email: ir@cneny.com
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SOURCE CN Energy Group. Inc.