Carbon Revolution's Nasdaq Listing Request Denied

Carbon Revolution received a notification letter from the Listing Qualifications Department of the Nasdaq Stock Market indicating that the Nasdaq Hearing Panel has decided to deny the Company's request for continued listing on Nasdaq, based upon the Company's non-compliance with Listing Rule 5550(b), Nasdaq's minimum shareholders' equity rule and the Company's non-compliance with Nasdaq Listing Rule 5250(c)(1) as a result of the Company's failure to file its Annual Report on Form 20-F for the period ended June 30, 2025, as well as the Company's inability to include certain information and documentation demonstrating an ability to complete a strategic transaction by May 5, 2026 in its update provided to the Panel by January 30, 2026 in connection with its plan for regaining compliance with the Equity Rule and the Filing Requirement. The Company does not intend to appeal the Staff's decision, and as a result Nasdaq will suspend trading in the Company's securities effective at the open of business on February 9, 2026. Additionally, on February 3, 2026, the Company received a notification letter from the Staff indicating that for the last 30 consecutive business days, or from November 13, 2025 to February 3, 2026, the Company's Market Value of Publicly Held Shares was below the minimum MVPHS required for continued listing on Nasdaq pursuant to Nasdaq Listing Rule 5450(b)(1)(C). Although such deficiency results in an automatic 180 calendar day period in which to regain compliance, such opportunity to cure is rendered moot by the delisting determination and resulting suspension from trading.