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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.