Antelope Enterprise Holdings Limited Receives Deficiency Letter from NASDAQ Regarding Minimum Bid Price Deficiency
05 Novembre 2024 - 10:30PM
Antelope Enterprise Holdings Limited (NASDAQ Capital Market: AEHL)
(“Antelope Enterprise”, “AEHL” or the “Company”), a provider of
electricity through natural gas power generation, and the majority
interest owner of KylinCloud, a livestreaming e-commerce business
in China, announced today that on November 1, 2024, it received a
deficiency letter from the Listing Qualifications Department (the
“Staff”) of the Nasdaq Stock Market (“Nasdaq”). The deficiency
letter advised that for the last 30 consecutive business days the
bid price for the Company’s Class A ordinary shares had closed
below the minimum $1.00 per share requirement for continued
inclusion on the Nasdaq Capital Market pursuant to Nasdaq Listing
Rule 5550(a)(2) (the “Bid Price Rule”). The deficiency letter does
not result in the immediate delisting of the Company’s Class A
ordinary shares from the Nasdaq Capital Market.
In accordance with Nasdaq Listing Rule
5810(c)(3)(A) (the “Compliance Period Rule”), the Company has been
provided an initial period of 180 calendar days, or until January
22, 2024 (the “Compliance Date”), to regain compliance with the Bid
Price Rule. If, at any time before the Compliance Date, the bid
price for the Company’s Class A ordinary shares closes at $1.00 or
more for a minimum of 10 consecutive business days as required
under the Compliance Period Rule, the Staff will provide written
notification to the Company that it complies with the Bid Price
Rule, unless the Staff exercises its discretion to extend this 10
day period pursuant to Nasdaq Listing Rule 5810(c)(3)(H). If the
Company is not in compliance with the Bid Price Rule by April 30,
2025, the Company may be afforded a second 180 calendar day period
to regain compliance. To qualify, the Company would be required to
meet the continued listing requirement for the market value of its
publicly held shares and all other initial listing standards for
The Nasdaq Capital Market, except for the minimum bid price
requirement. In addition, the Company would be required to notify
Nasdaq of its intent to cure the minimum bid price deficiency,
which may include, if necessary, implementing a reverse stock
split.
If the Company does not regain compliance with
the Bid Price Rule by the Compliance Date and is not eligible for
an additional compliance period at that time, the Staff will
provide written notification to the Company that its Class A
ordinary shares may be delisted. The Company would then be entitled
to appeal the Staff’s determination to a NASDAQ Listing
Qualifications Panel and request a hearing. There can be
no assurance that, if the Company does appeal the delisting
determination by the Staff to the NASDAQ Listing Qualifications
Panel, that such appeal would be successful.
The Company intends to monitor the closing bid
price of its Class A ordinary shares and may, if appropriate,
consider available options to regain compliance with the Bid Price
Rule, which could include effecting a reverse stock split. However,
there can be no assurance that the Company will be able to regain
compliance with the Bid Price Rule.
About Antelope Enterprise Holdings
Limited
Antelope Enterprise Holdings Limited (“Antelope
Enterprise”, “AEHL” or the “Company”) engages in energy
infrastructure solutions through natural gas power generation via
its wholly owned subsidiary AEHL US LLC and holds a 51% ownership
position in Hainan Kylin Cloud Services Technology Co. Ltd (“Kylin
Cloud”), which operates a livestreaming e-commerce business in
China. Kylin Cloud provides access to over 800,000 hosts and
influencers. For more information, please visit our website at
https://aehltd.com.
Safe Harbor Statement
Certain of the statements made in this press
release are "forward-looking statements" within the meaning and
protections of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements include statements with respect
to our beliefs, plans, objectives, goals, expectations,
anticipations, assumptions, estimates, intentions, and future
performance, and involve known and unknown risks, uncertainties and
other factors, which may be beyond our control, and which may cause
the actual results, performance, capital, ownership or achievements
of the Company to be materially different from future results,
performance or achievements expressed or implied by such
forward-looking statements. Forward-looking statements in this
press release include, without limitation, the continued stable
macroeconomic environment in the PRC, the PRC technology sectors
continuing to exhibit sound long-term fundamentals, and our ability
to continue to grow our energy, livestreaming ecommerce, business
management and information system consulting businesses. All
statements other than statements of historical fact are statements
that could be forward-looking statements. You can identify these
forward-looking statements through our use of words such as “may,”
“will,” “anticipate,” “assume,” “should,” “indicate,” “would,”
“believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,”
“point to,” “project,” “could,” “intend,” “target” and other
similar words and expressions of the future. Although the Company
believes that the expectations expressed in these forward-looking
statements are reasonable, it cannot assure you that such
expectations will turn out to be correct, and the Company cautions
investors that actual results may differ materially from the
anticipated results and encourages investors to review other
factors that may affect its future results in the Company's
registration statement and other filings with the U.S. Securities
and Exchange Commission.
All written or oral forward-looking statements
attributable to us are expressly qualified in their entirety by
this cautionary notice, including, without limitation, those risks
and uncertainties described in our annual report on Form 20-F for
the year ended December 31, 2023 and otherwise in our SEC
reports and filings. Such reports are available upon request from
the Company, or from the Securities and Exchange Commission,
including through the SEC's Internet website
at http://www.sec.gov. We have no obligation and do not
undertake to update, revise or correct any of the forward-looking
statements after the date hereof, or after the respective dates on
which any such statements otherwise are made.
Contact Information:Antelope Enterprise
Holdings LimitedEdmund Hen, Chief Financial OfficerEmail:
info@aehltd.com
Precept Investor Relations LLCDavid Rudnick, Account
ManagerEmail: david.rudnick@preceptir.comPhone: +1 646-694-8538
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