WENZHOU, China, Nov. 20,
2023 /PRNewswire/ -- Erayak Power Solution Group Inc.
("Erayak" or the "Company") (Nasdaq: RAYA), a leading manufacturer,
designer, and exporter of high-quality products in the power supply
industry, announced today that on November 15, 2023, the Company received a
letter from the Nasdaq Listing Qualifications, indicating that the
Company is not in compliance with the minimum bid price requirement
for continued listing set forth in Listing Rule 5550(a)(2), which
requires listed securities to maintain a minimum bid price of
$1.00 per share.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has
been granted a 180-calendar day compliance period, or until May 13,
2024, to regain compliance with the minimum bid price requirement.
If at any time during such 180-day period the closing bid price of
the Company's shares is at least $1 for a minimum of 10
consecutive business days, Nasdaq will provide the Company written
confirmation of compliance.
If the Company does not regain compliance during such 180-day
period, the Company may be eligible for an additional 180 calendar
days, provided that the Company meets the continued listing
requirement for market value of publicly held shares and all other
initial listing standards for Nasdaq except for Nasdaq Listing Rule
5550(a)(2), and provide a written notice of its intention to cure
this deficiency during the second compliance period, by effecting a
reverse stock split, if necessary.
About Erayak Power Solution Group Inc.
Erayak specializes in the manufacturing, research and
development, as well as the wholesale and retail sales of power
solution products. Erayak's product portfolio includes sine wave
and off-grid inverters, inverter and gasoline generators, battery
and smart chargers, and custom-designed products. Our products are
used principally in agricultural and industrial vehicles,
recreational vehicles, electrical appliances, and outdoor living
products. Our goal is to be the premier power solutions brand for
all of your mobile and outdoor living needs. For more information,
visit: https://erayakpower.com/
Safe Harbor Statement
This press release contains forward-looking statements. In
addition, from time to time, we or our representatives may make
forward-looking statements orally or in writing. We base these
forward-looking statements on our expectations and projections
about future events, which we derive from the information currently
available to us. Such forward-looking statements relate to future
events or our future performance, including: our financial
performance and projections; our growth in revenue and earnings;
and our business prospects and opportunities. You can identify
forward-looking statements by those that are not historical in
nature, particularly those that use terminology such as "may,"
"should," "expects," "anticipates," "contemplates," "estimates,"
"believes," "plans," "projected," "predicts," "potential," or
"hopes" or the negative of these or similar terms. In evaluating
these forward-looking statements, you should consider various
factors, including: our ability to change the direction of the
Company; our ability to keep pace with new technology and changing
market needs; and the competitive environment of our business.
These and other factors may cause our actual results to differ
materially from any forward-looking statement. Forward-looking
statements are only predictions. The forward-looking events
discussed in this press release and other statements made from time
to time by us or our representatives, may not occur, and actual
events and results may differ materially and are subject to risks,
uncertainties, and assumptions about us. We are not obligated
to publicly update or revise any forward-looking statement, whether
as a result of uncertainties and assumptions, the forward-looking
events discussed in this press release and other statements made
from time to time by us or our representatives might not occur.
View original
content:https://www.prnewswire.com/news-releases/erayak-power-solution-group-inc-announces-receipt-of-nasdaq-minimum-bid-price-notification-301993915.html
SOURCE Erayak Power Solution Group Inc.