Cenntro Announces Receipt of Extension to Regain Compliance with Nasdaq Minimum Bid Price Rule
22 Junho 2023 - 9:30AM
Business Wire
Cenntro Electric Group Limited (NASDAQ: CENN) ("Cenntro" or "the
Company"), a leading electric vehicle technology company with
advanced, market-validated electric commercial vehicles, announced
today that it received a written notice (the “Notice”) from The
Nasdaq Stock Market LLC (“Nasdaq”) granting the Company a 180-day
extension, or until December 18, 2023, to regain compliance with
Nasdaq’s $1.00 minimum bid price requirement as set forth in Nasdaq
Listing Rule 5550(a)(2) (the "Rule").
This Notice has no immediate effect on the listing of the
Company's ordinary shares on Nasdaq.
On December 22, 2022, Nasdaq notified the Company via
notification letter that its ordinary shares had failed to comply
with the Rule over the previous 30 consecutive business days. The
notification letter stated the Company would be afforded 180
calendar days from the date of the notification letter, or until
June 20, 2023, to regain compliance with the Rule. The notification
letter provided that if the Company did not regain compliance by
June 20, 2023, the Company may be eligible for an additional 180
calendar day compliance period after June 20, 2023.
On June 20, 2023, the Company submitted to Nasdaq a request for
an extension to comply with the Rule and its compliance plan. On
June 21, 2023, Nasdaq provided the Notice stating it had determined
that the Company was eligible under Nasdaq Listing Rule
5810(c)(3)(A) for an additional 180 calendar day period to regain
compliance and confirmed the 180 day extension.
In order to regain compliance with the Rule, the Company is
required to maintain a closing bid price of at least $1.00 or more
for a minimum of 10 consecutive business days at any time during
the 180-day extension, or until December 18, 2023.
About Cenntro Electric Group
Cenntro Electric Group Ltd. (or "Cenntro") (NASDAQ: CENN) is a
leading designer and manufacturer of electric commercial vehicles.
Cenntro's purpose-built ECVs are designed to serve a variety of
organizations in support of city services, last-mile delivery, and
other commercial applications. Cenntro plans to lead the
transformation in the automotive industry through scalable,
decentralized production, and smart driving solutions empowered by
the Cenntro iChassis. For more information, please visit Cenntro's
website at: www.cenntroauto.com.
Forward-Looking Statements
This communication contains "forward-looking statements" within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include all statements that are not historical facts.
Such statements may be, but need not be, identified by words such
as "may,'' "believe,'' "anticipate,'' "could,'' "should,''
"intend,'' "plan,'' "will,'' "aim(s),'' "can,'' "would,''
"expect(s),'' "estimate(s),'' "project(s),'' "forecast(s)'',
"positioned,'' "approximately,'' "potential,'' "goal,''
"strategy,'' "outlook'' and similar expressions. Examples of
forward-looking statements include, among other things, statements
regarding assembly and distribution capabilities, decentralized
production, and fully digitalized autonomous driving solutions. All
such forward-looking statements are based on management's current
beliefs, expectations, and assumptions, and are subject to risks,
uncertainties and other factors that could cause actual results to
differ materially from the results expressed or implied in this
communication. For additional risks and uncertainties that could
impact Cenntro's forward-looking statements, please see disclosures
contained in Cenntro's public filings with the Securities and
Exchange Commission (the "SEC"), including the "Risk Factors" in
Cenntro's Annual Report on Form 20-F/A filed with the SEC on August
5, 2022 and which may be viewed at www.sec.gov.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230622217142/en/
Investor Relations Contact: MZ North America
CENN@mzgroup.us 949-491-8235
Company Contact: PR@cenntroauto.com
IR@cenntroauto.com
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