Cheetah Net Supply Chain Faces Delisting Notice
Ticker: CTNT · Form: 8-K · Filed: Jul 12, 2024 · CIK: 1951667
Sentiment: bearish
Topics: delisting, listing-standards, regulatory-filing
TL;DR
Cheetah Net's stock might get delisted due to listing rule violations.
AI Summary
Cheetah Net Supply Chain Service Inc. filed an 8-K on July 11, 2024, to report a notice of delisting or failure to satisfy a continued listing rule. The company, incorporated in North Carolina, is based in Charlotte and operates in the wholesale of motor vehicles and parts.
Why It Matters
This filing indicates potential issues with Cheetah Net's continued listing on an exchange, which could significantly impact its stock trading and investor confidence.
Risk Assessment
Risk Level: high — A notice of delisting or failure to meet listing standards poses a significant risk to the company's market presence and investor confidence.
Key Numbers
- 001-41761 — Commission File Number (Identifies the company's filing with the SEC.)
- 81-3509120 — I.R.S. Employer Identification No. (Company's tax identification number.)
Key Players & Entities
- Cheetah Net Supply Chain Service Inc. (company) — Registrant
- North Carolina (location) — State of Incorporation
- July 11, 2024 (date) — Date of Report
- 001-41761 (other) — Commission File Number
- 81-3509120 (other) — I.R.S. Employer Identification No.
FAQ
What specific listing rule has Cheetah Net Supply Chain Service Inc. failed to satisfy?
The filing does not specify the exact listing rule that has not been satisfied, only that a notice of delisting or failure to satisfy a continued listing rule or standard has been issued.
What is the exact date of the event reported in this 8-K?
The date of the earliest event reported is July 11, 2024.
What is the principal business of Cheetah Net Supply Chain Service Inc.?
The company's Standard Industrial Classification is Wholesale-Motor Vehicles & Motor Vehicle Parts & Supplies [5010].
Where is Cheetah Net Supply Chain Service Inc. headquartered?
The company's principal executive offices are located at 6201 Fairview Road, Suite 225, Charlotte, North Carolina 28210.
What is the significance of the Commission File Number 001-41761?
This number is the SEC's file number assigned to Cheetah Net Supply Chain Service Inc., used for tracking its filings.
Filing Stats: 787 words · 3 min read · ~3 pages · Grade level 13.4 · Accepted 2024-07-12 17:15:35
Key Financial Figures
- $0.0001 — mpany's Class A common stock, par value $0.0001 per share (the "Common Stock"), was bel
- $1.00 — r share (the "Common Stock"), was below $1.00 per share, which is the minimum closing
Filing Documents
- tm2419421d1_8k.htm (8-K) — 28KB
- 0001104659-24-079597.txt ( ) — 198KB
- ctnt-20240711.xsd (EX-101.SCH) — 3KB
- ctnt-20240711_lab.xml (EX-101.LAB) — 33KB
- ctnt-20240711_pre.xml (EX-101.PRE) — 22KB
- tm2419421d1_8k_htm.xml (XML) — 4KB
01 Notice of Delisting or Failure to Satisfy
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On July 11, 2024, Cheetah Net Supply Chain Service Inc. (the "Company") received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that for the last 30 consecutive business days the closing bid price for the Company's Class A common stock, par value $0.0001 per share (the "Common Stock"), was below $1.00 per share, which is the minimum closing bid price required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2) (collectively, the "Notice"). The Notice has no immediate effect on the listing of the Common Stock, which will continue to be traded on The Nasdaq Capital Market under the symbol "CTNT," In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company is provided a compliance period of 180 calendar days from the date of the Notice, or until January 7, 2025, to regain compliance with the minimum closing bid price requirement (the "Compliance Period"). If at any time during the Compliance Period, the closing bid price of the Common Stock is at least $1.00 per share for a minimum of 10 consecutive business days (unless the Nasdaq staff exercises its discretion to extend this 10 business day period pursuant to Nasdaq Listing Rule 5810(c)(3)(H)), Nasdaq will provide the Company written confirmation of compliance, and this matter will be closed. If the Company does not regain compliance during the Compliance Period, the Company may be eligible for an additional 180-calendar day period to regain compliance, provided that it meets the applicable market value of publicly held shares requirement for continued listing and all other applicable standards for initial listing on The Nasdaq Capital Market (except the minimum bid price requirement), and notifies Nasdaq in wr
01 Exhibits
Item 9.01 Exhibits. (d) Exhibits Exhibit No. Description 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES 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 hereunto duly authorized. Date: July 12, 2024 Cheetah Net Supply Chain Service Inc. By: /s/ Huan Liu Huan Liu Chief Executive Officer, Director, and Chairman of the Board of Directors