Cenntro Electric Group Announces Receipt of Notice from Nasdaq Regarding Late Filing of Annual Report on Form 10-K
April 28 2023 - 3:05PM
Business Wire
Cenntro Electric Group Limited (NASDAQ: CENN) (“Cenntro” or “the
Company”), a leading electric vehicle technology company with
advanced, market-validated electric commercial vehicles, today
announced it received a written notice (the “Notice”) from The
Nasdaq Stock Market LLC ("Nasdaq") it no longer complies with
Nasdaq Listing Rule 5250(c)(1) (the "Rule") as a result of its
failure to file an annual report on Form 10-K for the year ended
December 31, 2022 (the “Annual Report”) with the Securities and
Exchange Commission (the "SEC") by the required due date.
This notification has no immediate effect on the listing of the
Company's shares on Nasdaq.
Under Nasdaq Rules the Company has 60 calendar days from receipt
of the Notice to submit a plan to regain compliance with the Rule.
If Nasdaq accepts the Company’s plan, Nasdaq may grant an exception
of up to 180 calendar days from the due date of the 10-K, or until
October 16, 2023, to regain compliance.
The Company is in the process of preparing the plan to regain
compliance and finalizing the financial statements for the year
ending December 31, 2022. The Company will submit the plan to
regain compliance and file its Annual Report as soon as
possible.
About Cenntro Electric Group Ltd.
Cenntro Electric Group Ltd. (or "Cenntro") (NASDAQ: CENN) is a
leading designer and manufacturer of electric commercial vehicles.
Cenntro's purpose-built ECVs are designed to serve a variety of
organizations in support of city services, last-mile delivery, and
other commercial applications. Cenntro plans to lead the
transformation in the automotive industry through scalable,
decentralized production, and smart driving solutions empowered by
the Cenntro iChassis. For more information, please visit Cenntro's
website at: www.cenntroauto.com.
Forward-Looking Statements
This communication contains "forward-looking statements" within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include all statements that are not historical facts.
Such statements may be, but need not be, identified by words such
as "may,'' "believe,'' "anticipate,'' "could,'' "should,''
"intend,'' "plan,'' "will,'' "aim(s),'' "can,'' "would,''
"expect(s),'' "estimate(s),'' "project(s),'' "forecast(s)'',
"positioned,'' "approximately,'' "potential,'' "goal,''
"strategy,'' "outlook'' and similar expressions. Examples of
forward-looking statements include, among other things, statements
regarding assembly and distribution capabilities, decentralized
production, and fully digitalized autonomous driving solutions. All
such forward-looking statements are based on management's current
beliefs, expectations, and assumptions, and are subject to risks,
uncertainties and other factors that could cause actual results to
differ materially from the results expressed or implied in this
communication. For additional risks and uncertainties that could
impact Cenntro's forward-looking statements, please see disclosures
contained in Cenntro's public filings with the Securities and
Exchange Commission (the “SEC”), including the "Risk Factors" in
Cenntro's Annual Report on Form 20-F/A filed with the SEC on August
5, 2022 and which may be viewed at www.sec.gov.
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version on businesswire.com: https://www.businesswire.com/news/home/20230428005093/en/
Investor Relations Contact:
Chris Tyson MZ North America CENN@mzgroup.us 949-491-8235
Company Contact:
PR@cenntroauto.com IR@cenntroauto.com
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