Erayak Power Solution receives Nasdaq delisting notice subject to hearing

Erayak Power Solution (RAYA) received a letter from Nasdaq on September 3 notifying that the company is not in compliance with Nasdaq’s Low Priced Stocks Rule, as the company’s securities had a closing bid price of 10c or less for the last ten consecutive trading days. As a result, the Nasdaq staff determined to delist the company’s securities from Nasdaq. The letter also indicated that the bid price of the company’s Class A ordinary shares had closed at less than $1 per share over the previous 30 consecutive business days, and as a result, the company is not in compliance with Listing Rule 5450(a). The company was provided until September 10 to request an appeal of the Delisting Determination to the Hearings Panel. The company intends to request such hearing to appeal the Delisting Determination before September 10, which will stay the suspension of the company’s securities and the filing of the Form 25-NSE pending the Panel’s decision. The company is considering all potential options available to it to regain compliance with the aforementioned rules, including seeking shareholders’ approval for a reverse stock split.