Smart Powerr Corp. Receives Notice of Filing Delinquency From NASDAQ

Rhea-AI Summary

Smart Powerr Corp. (NASDAQ: CREG) announced that it has received a notification from Nasdaq regarding its non-compliance with Listing Rule 5250(c)(1) due to the late filing of its annual report on Form 10-K for the year ending December 31, 2022. The company must submit a Compliance Plan by June 20, 2023, to rectify this issue. If accepted, CREG has until October 16, 2023, to regain compliance. The company's inability to meet the filing deadline was due to significant challenges, but the notification does not immediately affect its stock listing. Smart Powerr focuses on waste-to-energy technologies in China, tapping into a market that is projected to grow as environmental concerns rise.

Positive

• The company has a valid timeline until October 16, 2023, to regain compliance with Nasdaq requirements.
• The notification from Nasdaq does not have an immediate impact on the listing of CREG's shares.

Negative

• CREG failed to file its Form 10-K on time, indicating potential operational or administrative challenges.
• The company is at risk of delisting if it does not submit an acceptable Compliance Plan by the June 20 deadline.

XI'AN, China, April 24, 2023 (GLOBE NEWSWIRE) -- Smart Powerr Corp. (NASDAQ: CREG) ("CREG" or the “Company"), an industrial waste-to-energy solution provider in China, announced today that it received written notification from Listing Qualifications Department of the Nasdaq Stock Market LLC (the “Nasdaq”) that, as a result of not having timely filed its annual report on Form 10-K for the year ended December 31, 2022 (the “Form 10-K”), the Company is no longer in compliance with the Nasdaq Listing Rule 5250(c)(1), which requires timely filing of periodic financial reports with the U.S. Securities and Exchange Commission (the “SEC”).

Under the Nasdaq Listing Rule 5810(c)(2)(F)(i), the Company is required to submit its plan to regain compliance (the “Compliance Plan”) no later than June 20, 2023. If the plan is accepted by Nasdaq, CREG can be granted up to 180 calendar days from the Form 10-K’s due date, or until October 16, 2023, to regain compliance.

The Company was unable to file its Form 10-K by its original deadline without unreasonable effort or expense, and the Nasdaq notification has no immediate impact on the listing of the Company's shares of common stock on the Nasdaq Capital Market.

This announcement is made in compliance with the Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a notification of deficiency.

About Smart Powerr Corp.

Smart Powerr Corp. (Nasdaq: CREG) ("CREG" or "the Company") is based in Xi'an, China and provides environmentally friendly waste-to-energy technologies to recycle industrial byproducts for steel mills, cement factories and coke plants in China. The byproducts include heat, steam, pressure, and exhaust, which we use to generate large amounts of lower-cost electricity and reduce the need for outside electrical sources. The Chinese government has adopted policies to encourage the use of recycling technologies to optimize resource allocation and reduce pollution. Currently, recycled energy represents only an estimated 1% of total energy consumption. The recycled energy resource market is viewed as a fast-growing market due to intensified environmental concerns and rising energy costs as Chinese economy continues to expand. The Company’s management and engineering teams have over 20 years of experience in industrial energy recovery in China. For more information about CREG, please visit http://smartpowerr.com.

Safe Harbor Statement

This press release may contain certain "forward-looking statements" relating to the business of CREG and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including, but not limited to, the risks and uncertainties associated with market conditions and the satisfaction of customary closing conditions relating to the registered direct offering and those discussed in the Company's annual and periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

For more information, please contact:

Mr. Jackie Shi,

VP & Chief Financial Officer

Smart Powerr Corp.

Tel: +86- 139 9287 0723 Email: shi910723@yeah.net / jackie.shi@creg-cn.com

FAQ

What is the reason for Smart Powerr Corp. (CREG)'s notification from Nasdaq?

CREG received a notification for not timely filing its annual report on Form 10-K for the year ended December 31, 2022.

What steps must CREG take to regain compliance with Nasdaq?

CREG must submit a Compliance Plan by June 20, 2023, and could have until October 16, 2023, to regain compliance if the plan is accepted.

Will CREG's stock be delisted immediately due to the Nasdaq notification?

No, the notification does not have an immediate impact on CREG's stock listing.

How does CREG plan to address the compliance issue with Nasdaq?

CREG will prepare and submit a Compliance Plan detailing its steps to regain compliance by the specified deadline.