LISHUI, China, Jan. 5, 2024
/PRNewswire/ -- CN Energy Group. Inc. (NASDAQ: CNEY) (the
"Company"), a high-tech enterprise specializing in cogeneration of
high-quality wood-activated carbon and clean energy, today
announced that it received a letter from the Listing Qualifications
Department (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq")
on December 29, 2023. This letter
stated that, because the Company's securities had a closing bid
price of $0.10 or less for ten
consecutive trading days as of the letter date, unless the Company
timely requested a hearing before a Hearings Panel (the "Panel") to
appeal Nasdaq's delisting determination, trading of the Company's
securities will be suspended at the opening of business on
January 9, 2024, and a Form 25-NSE
will be filed with the U.S. Securities and Exchange Commission to
remove the Company's securities from listing and registration on
Nasdaq, according to Listing Rule 5810(c)(3)(A)(iii).
As previously disclosed, the Company received a deficiency
letter from the Staff on January 13,
2023, indicating non-compliance with the minimum bid price
requirement under Nasdaq Listing Rule 5450(a)(1) (the "Bid Price
Rule") for continued listing on Nasdaq. On July 13, 2023, Nasdaq granted the Company an
additional 180-day period, ending on January
8, 2024, to regain compliance with the Bid Price Rule.
On January 5, 2024, the Company
submitted a request for a hearing before the Panel to appeal the
Staff's determination pursuant to the procedures set forth in the
Nasdaq Listing Rules, and such hearing request will stay the
suspension of the trading of the Company's securities and the
filing of the Form 25-NSE pending the Panel's decision. There can
be no assurance as to the success or outcome of the appeal.
About CN Energy Group. Inc.
With patented proprietary bioengineering and physiochemical
technologies, the Company has pioneered and specialized in
producing high-quality recyclable activated carbon and renewable
energy from abandoned forest and agricultural residues, converting
harmful wastes into a valuable product and delivering significant
financial, economic, environmental, and ecological benefits. The
Company's products and services have been widely used by food and
beverage producers, industrial and pharmaceutical manufacturers, as
well as environmental protection enterprises. For more information,
please visit the Company's website at www.cneny.com.
Forward-Looking Statements
Certain statements, other than statements of historical facts,
made in this announcement are forward-looking statements. These
forward-looking statements involve known and unknown risks and
uncertainties, and are based on current expectations and
projections about future events and financial trends that the
Company believes may affect its financial conditions, results of
operations, business strategy and financial needs. Investors can
identify these forward-looking statements by words or phrases such
as "may," "will," "expect," "anticipate," "aim," "estimate,"
"intend," "plan," "believe," "potential," "continue," "is/are
likely to" or other similar expressions. The Company undertakes no
obligation to update forward-looking statements to reflect
subsequent occurring events or circumstances, or changes in its
expectations, except as may be required by law. Although the
Company believes that the expectations expressed in these
forward-looking statements are reasonable, it cannot assure you
that such expectations will turn out to be correct, and the Company
cautions investors that actual results may differ materially from
the anticipated results and encourages investors to refer to its
filings with the U.S. Securities and Exchange Commission, including
without limitation, the Company's registration statements and other
filings with the U.S. Securities and Exchange Commission that set
forth certain risks and uncertainties that may have an impact on
future results and directions of the Company.
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SOURCE CN Energy Group. Inc.
