CN Energy Faces Delisting from Nasdaq

CN Energy announced that it received a written notice from Nasdaq notifying the company that Nasdaq has determined to delist the company's Class A ordinary shares from Nasdaq. The staff determination was issued because the bid price of the company's Class A ordinary share has closed at less than $1.00 per share for the previous 30 consecutive business days from December 3, 2025 through January 15 and, as a result, the company does not comply with Listing Rule 5550. In addition, pursuant to Nasdaq Listing Rule 5810, the company is not eligible for any compliance period or extension specified in Rule 5810 because the company has effected a reverse stock split over the prior one-year period and has effected one or more reverse stock splits over the prior two-year period with a cumulative ratio of 250 shares or more. As noted in the staff determination, the company effected a 1-for-30 reverse stock split on January 19, 2024 and a 1-for-25 reverse stock split on May 19, 2025, resulting in a cumulative 1-for-750 reverse stock split ratio for the Class A ordinary shares.