Caravelle International Group Regained Compliance with the Minimum Bid Requirement

Rhea-AI Summary

Caravelle International Group (Nasdaq:CACO) has regained compliance with Nasdaq's Minimum Bid Requirement as its share price remained at or above $1.00 for 17 consecutive business days from May 15 to June 7, 2024. On June 10, 2024, Nasdaq confirmed the company met this requirement, closing the compliance issue. Additionally, Nasdaq granted Caravelle an exception to file its annual report for the fiscal year ending October 31, 2023, by September 10, 2024. Caravelle is committed to timely submissions and maintaining its Nasdaq listing status.

Positive

• Caravelle's share price maintained above $1.00 for 17 consecutive business days.
• Nasdaq granted an exception for filing the annual report by September 10, 2024.
• Regained compliance with Nasdaq's Minimum Bid Requirement.
• Commitment to timely submission of regulatory filings.

Negative

• Exception needed to file the annual report indicates potential delays or issues in financial reporting.

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

FAQ

What is Caravelle International Group's stock symbol?

Caravelle International Group's stock symbol is CACO.

When did Caravelle International Group regain compliance with the Minimum Bid Requirement?

Caravelle International Group regained compliance on June 10, 2024.

For how many consecutive business days did CACO's share price stay at or above $1.00?

CACO's share price stayed at or above $1.00 for 17 consecutive business days from May 15 to June 7, 2024.

By when does Caravelle International Group need to file its annual report for the fiscal year ending October 31, 2023?

Caravelle International Group needs to file its annual report by September 10, 2024.

What actions is Caravelle International Group taking to maintain its Nasdaq listing status?

Caravelle is committed to timely submitting regulatory filings and has regained compliance with Nasdaq's Minimum Bid Requirement.