SINGAPORE, July 21,
2023 /PRNewswire/ -- Caravelle International Group
(Nasdaq: CACO), a global ocean technology company, today announced
that it has received a letter from
The Nasdaq Stock Market LLC ("Nasdaq"), granting the Company
an extension to regain compliance with Nasdaq's filing requirements
set forth in Listing Rule 5250(c)(1).
As previously reported, the Company received a deficiency notice
from Nasdaq on May 10, 2023, due to
the delay in filing its Annual Report on Form 20-F for the fiscal
year ended October 31, 2022. The
delay in filing has been attributed to the complexities involved in
transitioning from a privately held company to a public company,
subject to the reporting and compliance obligations under the
Securities Exchange Act of 1934.
The Company has been working diligently with its independent
registered public accounting firm to rectify this situation and has
been granted an extension until August 28,
2023, to file its Form 20-F and regain compliance. If the
Company files the Form 20-F on or before the extended deadline, it
will be considered in compliance with Nasdaq's filing
requirements.
While there can be no assurance, based on current discussions
with its auditor, the Company believes it will file the Annual
Report before the August 28, 2023,
deadline. However, if the Company fails to file the Form 20-F by
the extension date, the Company may be subject to delisting.
The Company wishes to assure its investors that regaining
compliance with Nasdaq's filing requirements remains a top
priority. The management is committed to taking all necessary steps
towards the timely filing of the Form 20-F and appreciates the
continued patience and support of its shareholders during this
period.
About Caravelle International Group
Caravelle is a global ocean technology company. Its business
comprises of two sectors: the traditional business in international
shipping, operated by the Topsheen Companies (Topsheen Shipping
Group Corporation (Samoa) and its
subsidiaries) and the new CO-Tech business under Singapore Garden
Technology Pte. Ltd.. As the traditional business, Caravelle's
international shipping business has generated all revenues. The
CO-Tech business is a new development building upon the existing
shipping business. It enables wood desiccation during the maritime
shipping process, with full utilization of the shipping time,
space, and the waste heat of exhaust gas from the shipping vessels.
Caravelle's CO-Tech industry has no historical operations and has
not generated revenue. Caravelle is headquartered in Singapore.
Forward Looking Statements
This announcement contains "forward-looking" statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. All statements,
other than statements of historical fact, including, without
limitation, those with respect to the objectives, plans and
strategies of the Company set forth herein and those preceded by or
that include the words "believe," "expect," "anticipate," "future,"
"will," "intend," "plan," "estimate" or similar expressions, are
"forward-looking statements". Such statements include, but are not
limited to risks detailed in the Company's filings with the U.S.
Securities and Exchange Commission. These forward-looking
statements involve a number of risks and uncertainties, which could
cause the Company's future results to differ materially from those
anticipated. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those indicated or
anticipated by such forward-looking statements. All information
provided in this press release is as of the date of the
publication, and the Company does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
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SOURCE Caravelle International Group
