CN Energy faces Nasdaq delisting, calls for delay in listing
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©Reuters. Lishui, China – CN Energy Group Inc. (NASDAQ: CNEY), a clean energy and wood-based activated carbon manufacturer, faces possible delisting from the Nasdaq stock market after failing to meet minimum bid requirements.
On December 29, 2023, the company received notification from Nasdaq that its securities had been trading below the minimum purchase price of $0.10 for ten consecutive days. In response, CN Energy requested a hearing to appeal the delisting decision, which temporarily suspended a trading halt in its securities.
The company had previously been warned about noncompliance with Nasdaq Listing Rule 5450(a)(1) and received a deficiency letter on January 13, 2023. To regain compliance, Nasdaq has granted CN Energy an additional 180 days, which ends in January 2024. Despite its efforts, the company was unable to meet the minimum offer, leading to the current delisting announcement.
CN Energy’s appeal filed today will halt the suspension and filing of Form 25-NSE until the panel makes a decision. However, the company said it could not guarantee the outcome of the appeal.
CN Energy specializes in using patented technology to produce recyclable activated carbon and renewable energy from forest and agricultural residues. Its products and services serve a variety of industries, including food and beverage, industrial, pharmaceutical and environmental.
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