Tantech Receives NASDAQ Notification Regarding Minimum Bid Requirements

Rhea-AI Summary

Tantech Holdings Ltd (NASDAQ: TANH) announced it received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement, as its shares traded below $1.00 for 30 consecutive business days. The Company has until February 28, 2022, to regain compliance. If the share price exceeds $1.00 for 10 consecutive days within this period, Nasdaq will confirm compliance. If not, an additional 180-day grace period may be available. The notification does not affect the current trading status of TANH shares.

Positive

• None.

Negative

• Non-compliance with Nasdaq minimum bid price requirement; share price below $1.00 for 30 days; potential risk of delisting if compliance is not regained.

LISHUI, China, Sept. 1, 2021 /PRNewswire/ -- Tantech Holdings Ltd (NASDAQ: TANH) ("Tantech" or the "Company"), a clean energy company in China, today announced that on August 30, 2021, it received a letter from The Nasdaq Stock Market LLC ("Nasdaq"), notifying the Company that it is currently not in compliance with the minimum bid price requirement set forth under Nasdaq Listing Rule 5550(a)(2). It resulted from the fact that the closing bid price of the Company's ordinary shares was below $1.00 per share for a period of 30 consecutive business days. This press release is issued pursuant to Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification. The notification has no immediate effect on the listing of the Company's common shares, which will continue to trade uninterrupted on Nasdaq under the ticker "TANH".

Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a compliance period of 180 calendar days, or until February 28, 2022 (the "Compliance Period"), to regain compliance with Nasdaq's minimum bid price requirement. If at any time during the Compliance Period, the closing bid price per share of the Company's ordinary shares is at least $1.00 for a minimum of 10 consecutive business days, Nasdaq will provide the Company a written confirmation of compliance and the matter will be closed.

In the event the Company does not regain compliance with the minimum bid price requirement by February 28, 2022, the Company may be eligible for an additional 180 calendar day grace period.

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, with the plan 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 quality products and scientific research efforts.  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.

View original content:https://www.prnewswire.com/news-releases/tantech-receives-nasdaq-notification-regarding-minimum-bid-requirements-301367012.html

SOURCE Tantech Holdings Ltd.

FAQ

What is the current status of Tantech Holdings on Nasdaq?

Tantech Holdings is currently non-compliant with Nasdaq's minimum bid price requirement, trading below $1.00.

What is Tantech Holdings' compliance deadline to meet Nasdaq's requirements?

Tantech has until February 28, 2022, to regain compliance with Nasdaq's minimum bid price requirement.

What happens if Tantech does not regain compliance by the deadline?

If Tantech does not regain compliance by February 28, 2022, it may be eligible for an additional 180-day grace period.

How can Tantech Holdings regain compliance with Nasdaq?

Tantech can regain compliance by trading at $1.00 or above for a minimum of 10 consecutive business days.

What are the potential consequences of being non-compliant with Nasdaq?

If non-compliance continues, Tantech may face the risk of delisting from Nasdaq.