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GEELONG, Australia - Carbon Revolution plc (NASDAQ:CREV), a manufacturer of carbon fiber wheels for automotive applications with a market capitalization of $9.28 million, announced Wednesday it has received a notification letter from Nasdaq indicating non-compliance with listing rules due to failure to file required financial information. The company’s stock, which InvestingPro data shows has experienced significant volatility, is currently trading at $4.93, down about 35% year-to-date.
The company did not submit interim financial information for the six-month period ended December 31, 2024, on Form 6-K as required by Nasdaq Listing Rule 5250(c)(2), according to the notification.
The letter has no immediate effect on the listing or trading of Carbon Revolution’s ordinary shares or warrants on Nasdaq. Under Nasdaq procedures, the company has 60 calendar days to submit a compliance plan, and if accepted, could receive an extension of up to 180 calendar days from the original due date, or until December 29, 2025, to regain compliance.
If Nasdaq rejects the plan, Carbon Revolution will have the opportunity to appeal the decision to a Nasdaq hearings panel.
Carbon Revolution describes itself as a Tier 1 OEM supplier that manufactures lightweight advanced technology automotive carbon fiber wheels for global automotive manufacturers in the high performance, premium and luxury segments. Despite recent challenges, InvestingPro data reveals the stock has shown some positive momentum with a 10% return over the past week, though it remains significantly below its 52-week high of $14.19. InvestingPro subscribers have access to 8 additional key insights about CREV’s financial health and market performance.
The information in this article is based on a company press release statement issued by Carbon Revolution.
In other recent news, Carbon Revolution plc has been notified by Nasdaq’s Listing Qualifications Department of a non-compliance issue regarding its stockholder’s equity. The company does not meet the minimum stockholder’s equity requirement of $10 million for continued listing on the Nasdaq Global Select Market, based on its fiscal year report ending June 30, 2024. Carbon Revolution has 45 calendar days from May 30, 2025, to submit a compliance plan and could be granted up to 180 days to regain compliance if the plan is accepted. In another development, Carbon Revolution has secured an additional $27 million in funding, which includes a $5 million tranche from Orion Infrastructure Capital and a $400,000 release of loan reserves by existing note holders. This funding is intended to enhance the company’s liquidity and support its capacity to meet the demands of its OEM customers. Carbon Revolution will issue penny warrants to OIC and existing note holders, representing 5% of the company’s outstanding shares. The company is also working to file its Annual Report promptly to comply with Nasdaq Listing Rule 5250(c)(1). Investors are advised to monitor the company’s developments as it addresses these compliance issues and financial strategies.
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