CNEY Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency
CN Energy Group Inc. (CNEY) received a Notification Letter from Nasdaq on January 13, 2023, indicating non-compliance with the minimum bid price requirement of $1.00 per share. This deficiency was noted based on a closing bid price below the threshold for 30 consecutive business days from November 30, 2022, to January 12, 2023. Although the notification does not currently affect the company's Nasdaq listing, it has until July 12, 2023, to regain compliance by maintaining a closing bid price of at least $1.00 for 10 consecutive business days. The company may consider a reverse share split among other options to address this issue.
- The company has until July 12, 2023, to regain compliance with Nasdaq's minimum bid price requirement.
- Business operations are not affected by the receipt of the Notification Letter.
- The stock has not maintained the minimum bid price of $1.00 for 30 consecutive business days.
- Failure to regain compliance may lead to potential delisting from Nasdaq.
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
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
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.
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