China Recycling Energy Corporation Regains Compliance with NASDAQ Minimum Bid Requirement
04 Maggio 2020 - 3:30PM
China Recycling Energy Corporation (Nasdaq: CREG) ("CREG" or the
"Company"), an industrial waste-to-energy solution provider in
China, today announced that based on a notification letter recently
received from the Listing Qualifications Department of the Nasdaq
Stock Market Inc. (the “Nasdaq”), the Company has regained
compliance with the minimum bid price requirement set forth in Rule
5550(a)(2) of the Nasdaq Listing Rules.
According to the notification letter, the staff of Nasdaq
determined that for the 10 consecutive business days, beginning
from April 15, 2020 to April 28, 2020, the closing bid price of the
Company’s common stock has been at $1.00 per share or greater, and
the Company has regained compliance with the minimum bid price
requirement. Accordingly, the matter is now closed.
About China Recycling Energy Corp.
China Recycling Energy Corporation (Nasdaq: CREG) ("CREG" or
"the Company") is based in Xi'an, China and provides
environmentally friendly waste-to-energy technologies to recycle
industrial byproducts for steel mills, cement factories and coke
plants in China. Byproducts include heat, steam, pressure, and
exhaust to generate large amounts of lower-cost electricity and
reduce the need for outside electrical sources. The Chinese
government has adopted policies to encourage the use of recycling
technologies to optimize resource allocation and reduce pollution.
Currently, recycled energy represents only an estimated 1 percent
of total energy consumption and this renewable energy resource is
viewed as a growth market due to intensified environmental concerns
and rising energy costs as the Chinese economy continues to expand.
The management and engineering teams have over 20 years of
experience in industrial energy recovery in China.
Safe Harbor Statement
This press release may contain certain "forward-looking
statements" relating to the business of CREG and its subsidiary
companies. All statements, other than statements of historical fact
included herein are "forward-looking statements." These
forward-looking statements are often identified by the use of
forward-looking terminology such as "believes," "expects" or
similar expressions, involve known and unknown risks and
uncertainties. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable, they
do involve assumptions, risks and uncertainties, and these
expectations may prove to be incorrect. Investors should not place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. The Company's actual
results could differ materially from those anticipated in these
forward-looking statements as a result of a variety of factors,
including, but not limited to, the risks and uncertainties
associated with market conditions and the satisfaction of customary
closing conditions relating to the registered direct offering and
those discussed in the Company's annual and periodic reports that
are filed with the Securities and Exchange Commission and available
on its website at http://www.sec.gov. All forward-looking
statements attributable to the Company or persons acting on its
behalf are expressly qualified in their entirety by these factors.
Other than as required under the securities laws, the Company does
not assume a duty to update these forward-looking statements.
Investor Relations Inquiries:Vivian
Chenvivianchen@irimpact.com
Media Inquiries: Cathy Loos cathyloos@irimpact.com
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