CN Energy receives noncompliance notification from Nasdaq

CN Energy announced that it received a written notice from Nasdaq. The notice notifies that the company is not in full compliance with the minimum bid price requirement set forth in Nasdaq Listing Rules for continued listing on the Nasdaq Capital Market. Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of US$1.00 per share, and Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of the company’s Class A ordinary shares for the 30 consecutive business days from April 15 through May 24, the company no longer meets the minimum bid price requirement.