CNEY News & Events

CN Energy announced that it has entered into a share purchase agreement to acquire 100% of the outstanding shares of Blessing Logistics, an oil trading company incorporated in Alberta. Under the terms of the agreement, the total purchase consideration is $2M, expected to be satisfied through the issuance of Class A ordinary shares of CNEY. The number of shares to be issued will be determined based on the volume-weighted average price of CNEY's Class A ordinary Shares for the five consecutive trading days immediately preceding the closing date, subject to adjustment as provided in the agreement. The closing of the transaction is subject to customary closing conditions and is expected to occur on or before March 31. The proposed acquisition is expected to provide CNEY with a fully operational North American entity and regulatory licenses supporting the company's expansion into the North American oil market.

CN Energy announced that it entered into a framework agreement with the shareholders of Blessing Logistics, regarding a potential acquisition transaction. Pursuant to the framework agreement, the parties have agreed to negotiate toward a definitive share purchase agreement to which CN Energy would acquire approximately 82% of the equity interests in Blessing Logistics, representing equity with voting rights, in consideration for the issuance of the company's Class A ordinary shares. The aggregate value of consideration is currently expected to be approximately $2M, based on assumptions to be agreed by the parties, and is subject to change based on, among other things, due diligence results, final valuation, market conditions, and the terms of the definitive agreement. If the parties do not enter into a definitive share purchase agreement within 60 days following the execution date of the framework agreement, either party may terminate the framework agreement upon written notice. Founded in 2015, Blessing Logistics is an oil trading company registered with the Alberta Energy Regulator. Blessing Logistics is primarily engaged in oil trading and the export of crude oil and bitumen in Canada. The company believes that if completed, this proposed transaction could represent an important step in CN Energy's expansion into the energy sector, and its business development in the North American market. If the proposed transaction is consummated, CN Energy currently plans to use Blessing Logistics as a platform to pursue oil trading and related upstream investment opportunities. The completion of the proposed transaction is subject to, among other things, the negotiation and execution of a definitive acquisition agreement, the satisfactions of customary closing conditions, and applicable regulatory and corporate approvals.

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.