Erayak Power Solution receives non-compliance letter from NASDAQ

Erayak Power Solution Group announced that on November 15 the Company received a letter from the Nasdaq Listing Qualifications, indicating that the Company is not in compliance with the minimum bid price requirement for continued listing set forth in Listing Rule 5550, which requires listed securities to maintain a minimum bid price of $1.00 per share. Pursuant to Nasdaq Listing Rule 5810 the Company has been granted a 180-calendar day compliance period, or until May 13, 2024, to regain compliance with the minimum bid price requirement. If at any time during such 180-day period the closing bid price of the Company’s shares is at least $1 for a minimum of 10 consecutive business days, Nasdaq will provide the Company written confirmation of compliance.