LISHUI, China, Jan. 6, 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.
