Tantech Holdings Receives NASDAQ Minimum Bid Price Requirement Extension

Rhea-AI Summary

Tantech Holdings Ltd (NASDAQ: TANH) announced it has received an extension from NASDAQ granting an additional 180 days to comply with the minimum bid price requirement, now due by August 29, 2022. To regain compliance, TANH's closing bid price must reach at least $1.00 per share for ten consecutive trading days. The company specializes in bamboo charcoal-based products and has expanded into electric vehicle production through its subsidiaries.

Positive

• Granted 180-day extension for NASDAQ compliance until August 29, 2022.
• Company has established subsidiaries focused on electric vehicle production.

Negative

• Must achieve a minimum bid price of $1.00 per share to avoid potential delisting.

LISHUI, China, March 2, 2022 /PRNewswire/ -- Tantech Holdings Ltd (NASDAQ: TANH) ("Tantech" or the "Company"), announced today that on March 1, 2022, it received notification from The Nasdaq Stock Market LLC ("NASDAQ") confirming the Company has been granted an additional 180 calendar day period for compliance under its minimum bid price requirement through August 29, 2022. To regain compliance with NASDAQ's minimum bid price requirement, the closing bid price of the Company's common shares needs to be at least $1.00 per share or greater for at least ten consecutive trading days by August 29, 2022.

About Tantech Holdings Ltd

For the past decade, Tantech has been a highly specialized high-tech enterprise producing, researching and developing bamboo charcoal-based products with an established domestic and international sales and distribution network. Since 2017, when the Company acquired 70% of Shangchi Automobile, a vehicle manufacturer based in Zhangjiagang City, Jiangsu Province, it has manufactured and sold vehicles. The Company established two new subsidiaries, Lishui Smart New Energy Automobile Co., Ltd. and Zhejiang Shangchi New Energy Automobile Co., Ltd., in November 2020, to produce and sell street sweepers and other electric vehicles. The Company is fully ISO 90000 and ISO 14000 certified and has received a number of national, provincial and local honors, awards and certifications for its products and scientific research efforts. The Company's subsidiary, First International Commercial Factoring (Shenzhen) Co., LTD, is engaged in commercial factoring for businesses in and related to its supply chain. For more information please visit: http://ir.tantech.cn.

Forward-Looking Statements

This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning the sales, plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulations, and other risks contained in reports filed by the Company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by this cautionary statement and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

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SOURCE Tantech Holdings Ltd.

FAQ

What is the status of Tantech Holdings compliance with NASDAQ requirements?

Tantech Holdings has received a 180-day extension until August 29, 2022, to comply with NASDAQ's minimum bid price requirement.

What is the minimum bid price Tantech Holdings needs to achieve for NASDAQ compliance?

Tantech must reach a closing bid price of at least $1.00 per share for ten consecutive trading days.

When is the compliance deadline for Tantech Holdings to meet NASDAQ's requirements?

The compliance deadline is August 29, 2022.

What type of products does Tantech Holdings manufacture?

Tantech produces bamboo charcoal-based products and has expanded its operations into electric vehicle manufacturing.