CN Energy Group receives extension from Nasdaq for compliance
- On November 26, 2024, CN Energy Group Inc. received a notice from Nasdaq regarding their compliance status.
- The company has been granted an additional 180 days, until May 27, 2025, to meet the minimum bid price requirement.
- The company intends to actively pursue options to regain compliance while keeping investors informed of their progress.
In Lishui, China, on November 26, 2024, CN Energy Group Inc. received a written notification from the Listing Qualifications Staff of Nasdaq regarding their compliance status concerning the minimum bid price requirement. The notice indicated that although the company had not yet regained compliance with the requirement that mandates a minimum bid price of $1.00 per share, Nasdaq has granted the company an additional 180 calendar days to address this issue. The new compliance deadline is set for May 27, 2025. This decision was influenced by the company meeting the necessary standards regarding the market value of publicly held shares and fulfilling other applicable criteria for initial listing on the Nasdaq Capital Market, aside from the minimum bid price stipulation. Moreover, the company expressed its intent to rectify the price deficiency during the compliance period by pursuing options such as a reverse stock split if deemed necessary. By adhering to the compliance measures and monitoring their performance, CN Energy Group aims to regain its standing with Nasdaq and avoid potential delisting. This situation arises during a period of heightened scrutiny on publicly listed companies, emphasizing their compliance with trading regulations, especially in light of market fluctuations and the ongoing economic challenges faced globally, including the impacts of the COVID-19 pandemic. Investors are urged to stay informed about the company's progress in meeting the compliance requirements and to consider potential implications on their investments if the company fails to secure a bid price above the required threshold. The management team at CN Energy Group has emphasized their commitment to resolving these issues aggressively and maintaining transparency with stakeholders to foster their trust and support.