Antelope Enterprise Holdings Ltd. Regains Compliance with NASDAQ Minimum Bid Price Requirement

Rhea-AI Summary

On March 28, 2023, Antelope Enterprise Holdings Limited (NASDAQ: AEHL) announced it has regained compliance with NASDAQ's minimum bid price requirement, achieving a closing bid price at or above $1.00 for ten consecutive business days. This marks a significant milestone for the company, as stated by CEO Will Zhang, emphasizing the importance of sustaining NASDAQ listing without a reverse stock split. The company also highlighted a remarkable 360% revenue growth for KylinCloud in 2022, reflecting its successful divestiture of a legacy business and improved financial positioning for future growth.

Positive

• Regained NASDAQ compliance with minimum bid price requirement.
• Achieved closing bid price above $1.00 for ten consecutive days.
• Reported a 360% revenue growth for KylinCloud in 2022.
• Successfully divested legacy business, reducing burn-rate.

Negative

• None.

CHENGDU, China, March 28, 2023 /PRNewswire/ -- Antelope Enterprise Holdings Limited (NASDAQ Capital Market: AEHL) ("Antelope Enterprise" or the "Company"), the majority owner and operator of KylinCloud, a leading livestreaming social ecommerce platform with 300,000+ anchors and influencers in China, announced today that on March 27, 2023, it received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("NASDAQ") confirming the Company has regained compliance with NASDAQ's minimum bid price requirement under Listing Rule 5550(a)(2). The Company regained compliance with NASDAQ's requirements when the closing bid price for the Company's Class A ordinary shares were at or above $1.00 for 10 consecutive business days and the matter is now closed.

"I am happy that our stock price remained above $1.00 to regain NASDAQ compliance by showing investors demonstrable achievements rather than resorting to a reverse stock split," said Mr. Will Zhang, CEO of Antelope Enterprise. "In the three short months since I became the Company's CEO, we have successfully divested our legacy business, reducing our burn-rate and providing funding for future growth. We have also preannounced that revenues for KylinCloud grew at an impressive 360% rate in 2022. Maintaining our NASDAQ listing was another critically important accomplishment for our team as we look to create significant shareholder value in 2023 and beyond."

About Antelope Enterprise Holdings Limited

Antelope Enterprise Holdings Limited holds a 51% ownership position in Hainan Kylin Cloud Services Technology Co., Ltd ("KylinCloud"), which operates a leading livestreaming social ecommerce platform with 300,000+ anchors and influencers in China.

For more information, please visit our website at http://www.aehl-kylin.com/, or follow the Company on Twitter at https://twitter.com/aehl_ltd. To receive the Company's public announcements, please email investor@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.

FAQ

What did Antelope Enterprise Holdings announce on March 28, 2023?

Antelope Enterprise announced that it regained compliance with NASDAQ's minimum bid price requirement.

What is the stock symbol for Antelope Enterprise Holdings?

The stock symbol for Antelope Enterprise Holdings is AEHL.

How much revenue growth did KylinCloud achieve in 2022?

KylinCloud achieved a remarkable 360% revenue growth in 2022.

How long did Antelope Enterprise meet NASDAQ's minimum bid price requirement?

Antelope Enterprise met the minimum bid price requirement for ten consecutive business days.