Caravelle International Group (HTCO), a global ocean technology company, today announced that it received a notification letter from the Listing Qualifications Department of the Nasdaq Stock Market ("Nasdaq"), informing the Company that it has regained compliance with the minimum bid price requirement set forth in Rule 5550(a)(2) of the Nasdaq Listing Rules.
The Company had previously announced on July 31, 2024, that it was notified by Nasdaq on July 26, 2024 that it was not in compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2), as the closing bid price of the Company's ordinary shares had been below $1.00 per share for more than 30 consecutive business days. Pursuant to Rule 5810(c)(3)(A) of the Nasdaq Listing Rules, the Company has a compliance period of 180 calendar days, or until January 22, 2025, to regain compliance with Nasdaq's minimum bid price requirement.
On November l4, 2024, Nasdaq provided confirmation to the Company that for the last 19 consecutive business days, from October 18, 2024 to November 13, 2024, the closing bid price of the Company's ordinary shares had been $1.00 per share or greater, that the Company has hence regained compliance with Listing Rule 5550(a)(2) and that the matter is now closed.
