CN Energy Group Fails to Meet Nasdaq Bid Price Requirement
Ticker: CNEY · Form: 6-K · Filed: Dec 4, 2024 · CIK: 1780785
Sentiment: bearish
Topics: listing-compliance, nasdaq, delisting-risk
TL;DR
Nasdaq says CN Energy Group still below $1 bid price, deadline looms.
AI Summary
On November 26, 2024, CN Energy Group, Inc. received a notice from Nasdaq indicating it has not yet regained compliance with the minimum $1.00 bid price requirement. The company was previously notified on May 23, 2024, and has until May 20, 2025, to meet the listing standards.
Why It Matters
Failure to regain compliance with Nasdaq's minimum bid price could lead to delisting, impacting the company's ability to raise capital and its stock's liquidity.
Risk Assessment
Risk Level: medium — The company is at risk of delisting from Nasdaq if it cannot meet the minimum bid price requirement by the specified deadline.
Key Numbers
- $1.00 — Minimum Bid Price (The bid price requirement CN Energy Group has not met to remain listed on Nasdaq.)
Key Players & Entities
- CN Energy Group, Inc. (company) — The company that received the notice from Nasdaq.
- Nasdaq (company) — The stock exchange that issued the non-compliance notice.
- November 26, 2024 (date) — Date the company received the written notice from Nasdaq.
- May 23, 2024 (date) — Date the company was previously notified about non-compliance.
- May 20, 2025 (date) — Deadline for the company to regain compliance with Nasdaq listing standards.
- $1.00 (dollar_amount) — The minimum bid price requirement that CN Energy Group has not met.
FAQ
What is the specific reason CN Energy Group received a notice from Nasdaq?
CN Energy Group received a notice because it has not yet regained compliance with Nasdaq's minimum $1.00 bid price requirement.
When did CN Energy Group receive this latest notice from Nasdaq?
The company received the written notice from Nasdaq on November 26, 2024.
What was the previous notification date regarding non-compliance?
The company was previously notified about non-compliance on May 23, 2024.
What is the deadline for CN Energy Group to regain compliance with Nasdaq's listing standards?
The company has until May 20, 2025, to regain compliance with Nasdaq's listing standards.
What is the minimum bid price requirement that CN Energy Group needs to meet?
CN Energy Group needs to meet the minimum bid price requirement of $1.00.
Filing Stats: 421 words · 2 min read · ~1 pages · Grade level 11.7 · Accepted 2024-12-04 16:05:28
Key Financial Figures
- $1.00 b — ot regained compliance with the minimum $1.00 bid price per share requirement (the "Min
- $1.00 — ss A ordinary shares meets or exceeds US$1.00 per share for at least ten consecutive
Filing Documents
- cney_6k.htm (6-K) — 12KB
- cney_ex991.htm (EX-99.1) — 8KB
- 0001477932-24-007834.txt ( ) — 21KB
From the Filing
cney_6k.htm UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the Month of December 2024 Commission file number: 001-39978 CN ENERGY GROUP. INC. Building 2-B, Room 206, No. 268 Shiniu Road Liandu District, Lishui City, Zhejiang Province The People's Republic of China (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F Form 40-F On November 26, 2024, CN Energy Group. Inc. (the "Company") received a written notice from the Listing Qualifications Staff of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that, while the Company has not regained compliance with the minimum $1.00 bid price per share requirement (the "Minimum Bid Price Requirement"), Nasdaq has determined that the Company is eligible for an additional 180 calendar day period, or until May 27, 2025 (the "Second Compliance Period"), to regain compliance. Nasdaq's determination was based on (i) the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on The Nasdaq Capital Market, with the exception of the Minimum Bid Price Requirement, and (ii) the Company's written notice to Nasdaq of its intention to cure the deficiency during the Second Compliance Period by effecting a reverse stock split, if necessary. If at any time during the Second Compliance Period, the closing bid price of the Company's Class A ordinary shares meets or exceeds US$1.00 per share for at least ten consecutive business days, Nasdaq will provide written confirmation of compliance, and this matter will be closed. The Company intends to continue to actively monitor its compliance with the Minimum Bid Price Requirement and, as appropriate, will consider available options to resolve any deficiencies and regain compliance, including the implementation of a reverse share split, if necessary. On December 3, 2024, the Company issued a press release disclosing its receipt of the Nasdaq notice regarding Second Compliance Period. A copy of the aforesaid press release is filed herewith as Exhibit 99.1. EXHIBIT Exhibit No. Description 99.1 Press Release 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. CN Energy Group. Inc. Date: December 4, 2024 By: /s/ Wenhua Liu Name: Wenhua Liu Title: Interim Chief Executive Officer 3