LISHUI, China,
Dec. 3,
2024 /PRNewswire/ -- CN Energy Group. Inc.
(NASDAQ: CNEY) ("CNEY"
or the "Company") today announced that on
November 26, 2024, the Company
received a written notice from the Listing Qualifications Staff of
The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that,
while the Company has not regained compliance with the minimum
$1.00 bid price per share requirement
(the "Minimum Bid Price Requirement"), Nasdaq has determined that
the Company is eligible for an additional 180 calendar day period,
or until May 27, 2025 (the "Second
Compliance Period"), to regain compliance. Nasdaq's determination
was based on (i) the Company meeting the continued listing
requirement for market value of publicly held shares and all other
applicable requirements for initial listing on The Nasdaq Capital
Market, with the exception of the Minimum Bid Price Requirement,
and (ii) the Company's written notice to Nasdaq of its intention to
cure the deficiency during the Second Compliance Period by
effecting a reverse stock split, if necessary.
If at any time during the Second Compliance Period, the closing
bid price of the Company's Class A ordinary shares meets or exceeds
US$1.00 per share for at least ten
consecutive business days, Nasdaq will provide written confirmation
of compliance, and this matter will be closed.
The Company intends to continue to actively monitor its
compliance with the Minimum Bid Price Requirement and, as
appropriate, will consider available options to resolve any
deficiencies and regain compliance, including the implementation of
a reverse share split, if necessary.
About CN Energy Group. Inc.
CN Energy Group. Inc. is currently listed on NASDAQ under the
symbol "CNEY." With patented proprietary bioengineering and
physiochemical technologies, CNEY 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.
CNEY'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.
