LISHUI, China - Tantech Holdings Ltd (NASDAQ: TANH), a producer of bamboo charcoal products and electric vehicles, has received a notice from Nasdaq regarding non-compliance due to a delay in filing its annual report. The Nasdaq notice, dated May 20, 2024, informed the company that it had not met the requirement for timely submission of its financial reports as stipulated by Nasdaq Listing Rule 5250(c)(1).
The late filing pertains to the company's annual report on Form 20-F for the year ending December 31, 2023. Despite the notice, there is no immediate impact on the trading of Tantech's common shares on the Nasdaq market.
Tantech has been granted a 60-day period to present a plan to regain compliance with Nasdaq's requirements. If the plan is accepted, the company may be given an extension of up to 180 calendar days from the original due date of the Form 20-F, which would extend the deadline to November 11, 2024.
The company, which has diversified into the manufacturing and sale of vehicles since acquiring a majority stake in Shangchi Automobile in 2017, has also established subsidiaries focused on producing and selling street sweepers and other electric vehicles. Tantech boasts ISO 90000 and ISO 14000 certifications and has received various recognitions for its products and scientific research.
InvestingPro Insights
In light of Tantech Holdings Ltd's recent non-compliance notice from Nasdaq, investors are closely monitoring the company's financial health and market performance. According to InvestingPro data, Tantech has a market capitalization of 3.44 million USD, which positions it on the smaller end of publicly traded companies. Despite challenges in revenue growth, with a reported decline of 24.9% over the last twelve months as of Q2 2023, the company maintains a compellingly low Price/Earnings (P/E) ratio of 0.48. This is adjusted to 1.35 when considering the last twelve months, which may indicate a potentially undervalued stock.
Moreover, Tantech's Price/Book ratio as of Q2 2023 stands at 0.03, suggesting that the company is trading at a low multiple of its book value. This aligns with one of the InvestingPro Tips, which highlights Tantech as trading at a low Price/Book multiple. Such a metric can attract investors who are looking for potential value investment opportunities.
On the performance front, Tantech has experienced significant returns over various periods, with a notable 74.74% return over the last week. This is an important figure for traders and investors seeking short-term gains. However, it's also crucial to consider the stock's volatility, as Tantech is known to trade with high price volatility, another insight provided by InvestingPro Tips.
For those interested in a deeper analysis, there are 15 additional InvestingPro Tips available for Tantech Holdings Ltd, which can be accessed at Investing.com/pro/TANH. For a more comprehensive investment decision-making process, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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