SINGAPORE, Aug. 6, 2024
/PRNewswire/ -- On July 26,
2024, Caravelle International Group (the "Company")
received a deficiency letter (the "Nasdaq Bid Price Deficiency
Letter") from Nasdaq notifying the Company that, for the last
33 consecutive business days, the closing bid price for the
Company's ordinary shares has been below the minimum $1.00 per share required for continued listing on
The Nasdaq Capital Market pursuant to Nasdaq Listing Rule
5550(a)(2). The Nasdaq Bid Price Deficiency Letter has no immediate
effect on the listing of the Company's common stock, and its common
stock will continue to trade on The Nasdaq Capital Market under the
symbol "CACO" at this time.
Under Rule 5810(c)(3)(A), the Company will be provided a
compliance period of 180 calendar days, until January 22, 2025, to
regain compliance. If at any time during this 180-day period the
closing bid price of the Company's securities is at least $1.00 for
a minimum of ten consecutive business days, the Company's
compliance with Rule 5550(a)(2) will be regained.
In the event the Company does not regain compliance in the first
compliance period, it may be eligible to apply for an additional
180 calendar days to regain compliance. To qualify, the Company
will be required to meet the continued listing requirement for
market value of publicly held shares and all other initial listing
standards for The Nasdaq Capital Market, with the exception of the
bid price requirement. The Company will also need to provide
written notice of its intention to cure the deficiency during the
second compliance period. However, if it appears to the NASDAQ
staff that the Company will neither be able nor otherwise eligible
to cure the deficiency, it may be subject to delisting by
NASDAQ.
The Company intends to actively monitor the closing bid price
for its ordinary shares and will consider available options to
resolve the deficiency and regain compliance with Rule
5550(a)(2).
About Caravelle International Group
Caravelle is a global ocean technology company. Its business
comprises of two sectors: the traditional business in international
shipping, operated by the Topsheen Companies (Topsheen Shipping
Group Corporation (Samoa) and its
subsidiaries) and the new CO-Tech business under Singapore Garden
Technology Pte. Ltd.. As the traditional business, Caravelle's
international shipping business has generated all revenues. The
CO-Tech business is a new development building upon the existing
shipping business. It enables wood desiccation during the maritime
shipping process, with full utilization of the shipping time,
space, and the waste heat of exhaust gas from the shipping vessels.
Caravelle's CO-Tech industry has no historical operations and has
not generated revenue. Caravelle is headquartered in Singapore.
Forward Looking Statements
This announcement contains "forward-looking" statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. All statements,
other than statements of historical fact, including, without
limitation, those with respect to the objectives, plans and
strategies of the Company set forth herein and those preceded by or
that include the words "believe," "expect," "anticipate," "future,"
"will," "intend," "plan," "estimate" or similar expressions, are
"forward-looking statements". Such statements include, but are not
limited to risks detailed in the Company's filings with the U.S.
Securities and Exchange Commission. These forward-looking
statements involve a number of risks and uncertainties, which could
cause the Company's future results to differ materially from those
anticipated. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those indicated or
anticipated by such forward-looking statements. All information
provided in this press release is as of the date of the
publication, and the Company does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/caravelle-international-group-announces-receipt-of-nasdaq-notification-regarding-minimum-bid-price-deficiency-302216255.html
SOURCE Caravelle International Group