LISHUI, China, Sept. 11,
2024 /PRNewswire/ -- CN Energy Group. Inc. (the
"Company"; NASDAQ: CNEY), today announced that on September 6, 2024, the Company received a letter
from the Listing Qualifications Department of The Nasdaq Stock
Market LLC ("Nasdaq") notifying the Company that it is currently
not in compliance with certain requirements under the relevant
Nasdaq Listing Rules.
The letter (the "MVPHS Deficiency Letter") notified the
Company that, for the preceding 30 consecutive business days of
the MVPHS Deficiency Letter, the Company's Class A
Ordinary Shares (the "Class A Shares") did not meet the minimum
$1,000,000 Market Value of Publicly
Held Shares ("MVPHS") requirement for continued listing on Nasdaq
pursuant to Nasdaq Listing Rules 5550(a)(5) (the "MVPHS
Requirement").
This press release is issued pursuant to Nasdaq Listing Rule
5810(b), which requires prompt disclosure of receipt of a
deficiency notification. The MVPHS Deficiency Letter has
no immediate effect on the listing of the Company's Class A Shares,
which will continue to trade uninterrupted on Nasdaq under the
ticker symbol "CNEY."
Pursuant to Nasdaq Listing Rule 5810(c)(3)(D), the Company has
an initial compliance period of 180 calendar days, or until March
5, 2025 (the "Compliance Date"), to regain compliance with
the MVPHS Requirement. If at any time the MVPHS for
the Class A Shares is at least $1,000,000 for a minimum of ten
consecutive business days, the Staff will provide the Company with
written confirmation of compliance with such requirements, as
applicable.
In the event the Company does not regain compliance with the
above requirements prior to the expiration of the compliance
period, it will receive written notification that its securities
are subject to delisting. Alternatively, the Company may apply to
transfer the Company's securities to The Nasdaq Capital Market. The
Company intends to monitor the MVPHS of the Class A Shares and
may, if appropriate, consider available options to regain
compliance with the MVPHS requirement.
About CN Energy Group. Inc.
CN Energy Group. Inc. is currently listed on the Nasdaq Capital
Market under the symbol of CNEY. 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 invaluable
wealth and delivering significant financial, economic,
environmental and ecologic 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, including the further spread of the COVID-19 virus
or new variants thereof, or the occurrence of another wave of cases
and the impact it may have on the Company's operations and the
demand for the Company's products, 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 SEC, including without limitation,
Company's registration statements and other filings with the SEC
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.