CNEY Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency
On June 3, 2024, CN Energy Group (NASDAQ: CNEY) announced receiving a notification from Nasdaq on May 28, 2024, regarding its non-compliance with the minimum bid price requirement. The company's Class A ordinary shares have fallen below the $1.00 per share minimum for 30 consecutive business days, from April 15 to May 24, 2024.
This notification does not immediately affect the company's listing on Nasdaq. CN Energy Group has 180 days, until November 25, 2024, to regain compliance by maintaining a minimum bid price of $1.00 for 10 consecutive business days. If the company fails to meet this requirement, it may seek additional time to regain compliance. The company's business operations remain unaffected, and it may consider actions like a reverse share split to meet the Nasdaq Listing Rules.
- The company's business operations are not affected by the Nasdaq notice.
- CN Energy Group has a 180-day period until November 25, 2024, to regain compliance.
- There is a possibility of additional time to regain compliance if needed.
- The company is considering options like a reverse share split to meet compliance requirements.
- The company's Class A ordinary shares have fallen below the $1.00 minimum bid price for 30 consecutive business days.
- Failure to regain compliance by November 25, 2024, may result in delisting from Nasdaq.
- The receipt of the Nasdaq notification indicates potential instability in share price.
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Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of
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
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.
FAQ
What is the Nasdaq notification received by CN Energy Group?
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