SINGAPORE, June 13,
2023 /PR Newswire/ -- Caravelle International Group
(Nasdaq: CACO), a global ocean technology company, today announced
that it received a notification letter dated June 7, 2023 (the "Notice") from The Nasdaq Stock
Market LLC ("Nasdaq"), indicating that the Company was not in
compliance with Nasdaq Listing Rule 5550(a)(2) due to the closing
bid price for the Company's ordinary shares being below
$1.00 per share for the last 30
consecutive business days.
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the
Company has 180 calendar days, or until December 4, 2023, to regain
compliance. To regain compliance, the closing bid price for the
Company's ordinary shares must meet or exceed $1.00 per share for a
minimum of ten (10) consecutive business days during the compliance
period ending December 4, 2023.
Should the Company not regain compliance during the initial
compliance period, it may be eligible for additional time. To
qualify for this, 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, except for the bid price requirement. In addition,
the Company will need to provide written notice of its intention to
cure the deficiency during the second compliance period,
potentially effecting a reverse stock split if necessary. If the
Company meets these requirements, Nasdaq will inform the Company it
has been granted an additional 180 calendar days to regain
compliance with Nasdaq's current listing requirements.
The Notice does not have an immediate effect on the listing of
the Company's ordinary shares, and the Company's ordinary shares
will continue to trade on The Nasdaq Capital Market under the
symbol "CACO". However, there can be no assurance that the Company
will be able to regain compliance with the minimum bid price
requirement or maintain compliance with other Nasdaq listing
standards.
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.
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SOURCE Caravelle International Group