LISHUI, China, June 3, 2024
/PRNewswire/ -- CN Energy Group. Inc. (the "Company"; NASDAQ: CNEY)
today announced that it received a written notice (the "Notice")
from The Nasdaq Stock Market LLC ("Nasdaq") on May 28, 2024. The Notice 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 April 15 through May 24,
2024, the Company no longer meets the minimum bid price
requirement.
The Notice 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 November 25, 2024, 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 on November 25, 2024, the
Company may be eligible for additional time to regain
compliance.
The Company's business operations are not affected by the
receipt of the Notice. 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 the Nasdaq Capital
Market 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.
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SOURCE CN Energy Group. Inc.