LISHUI, China - CN Energy Group Inc. (NASDAQ:CNEY), a producer of wood-activated carbon and clean energy, is confronting a potential delisting from the Nasdaq Stock Market after failing to meet the minimum bid price requirement.
On December 29, 2023, the company was notified by Nasdaq that its securities had been trading below the minimum bid price of $0.10 for ten consecutive days. In response, CN Energy has requested a hearing to appeal the delisting decision, which has temporarily halted the suspension of its securities.
The company had previously been warned about non-compliance with Nasdaq's Listing Rule 5450(a)(1), receiving a deficiency letter on January 13, 2023. To regain compliance, Nasdaq granted CN Energy an additional 180 days, a period ending on January 8, 2024. Despite efforts, the company was unable to meet the minimum bid price, leading to the current delisting notice.
CN Energy's appeal request, submitted today, will stay the suspension and Form 25-NSE filing until the Panel's decision. However, the company has stated there is no assurance regarding the outcome of the appeal.
CN Energy specializes in utilizing patented technologies to produce recyclable activated carbon and renewable energy from forest and agricultural residues. Its products and services cater to a variety of industries, including food and beverage, industrial, pharmaceutical, and environmental protection.
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