HONG
KONG, Nov. 18, 2024 /PRNewswire/
-- Caravelle International Group (NASDAQ: HTCO), a global
ocean technology company, today announced that it received a
notification letter from the Listing Qualifications Department of
the Nasdaq Stock Market ("Nasdaq"), informing the Company that it
has regained compliance with the minimum bid price requirement set
forth in Rule 5550(a)(2) of the Nasdaq Listing Rules.
The Company had previously announced on July 31, 2024, that it was notified by Nasdaq on
July 26, 2024 that it was not in
compliance with the minimum bid price requirement set forth in
Nasdaq Listing Rule 5550(a)(2), as the closing bid price of the
Company's ordinary shares had been below $1.00 per share for more than 30 consecutive
business days. Pursuant to Rule 5810(c)(3)(A) of the Nasdaq Listing
Rules, the Company has a compliance period of 180 calendar days, or
until January 22, 2025, to regain compliance with Nasdaq's minimum
bid price requirement.
On November l4, 2024, Nasdaq provided confirmation to the
Company that for the last 19 consecutive business days, from
October 18, 2024 to November 13, 2024, the closing bid price of the
Company's ordinary shares had been $1.00 per share or greater, that the Company has
hence regained compliance with Listing Rule 5550(a)(2) and that the
matter is now closed.
About Caravelle International Group
Caravelle is a global ocean technology company with businesses
in international shipping and marine carbon neutrality. The company
is committed to improving shipping efficiency through innovative
technologies and promoting sustainable development in the industry.
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, including
its Annual Report on Form 20-F for the fiscal year ended
October 31, 2023. 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.
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SOURCE Caravelle International Group