CN Energy receives Nasdaq minimum bid price requirement extension

CN Energy (CNEY) Group announced that on November 26, 2024, the company received a written notice from the Listing Qualifications Staff of The Nasdaq Stock Market LLC notifying the company that, while the company has not regained compliance with the minimum $1.00 bid price per share requirement, Nasdaq has determined that the company is eligible for an additional 180 calendar day period, or until May 27, 2025, 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 $1.00 per share for at least ten consecutive business days, Nasdaq will provide written confirmation of compliance, and this matter will be closed.