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Caravelle International Group Announces Receipt of Nasdaq Deficiency Notice
SINGAPORE, March 29, 2024 /PRNewswire/ -- Caravelle International Group (Nasdaq: CACO), a global ocean technology company, today announced that it received a
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[{"type":"text","content":"SINGAPORE, March 29, 2024 /PRNewswire/ -- Caravelle International Group (Nasdaq: CACO), a global ocean technology company, today announced that it received a notice from The Nasdaq Stock Market LLC (Nasdaq) indicating that, as a result of not having timely filed its Annual Report on Form 20-F for the fiscal year ended Oct 31, 2023, the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of all required periodic financial reports with the Securities and Exchange Commission.\n\n \n \n \n \n \n \n\n \nThe Notice has no immediate impact on the listing of the Company's securities, which will continue to trade on Nasdaq, subject to the Company's compliance with the other continued listing requirements of Nasdaq. Under the Nasdaq Listing Rules, the Company has 60 calendar days from the date of the Notice to submit a plan of compliance to Nasdaq. If Nasdaq accepts the plan, they can grant the Company an exception of up to 180 calendar days from the original due date of the Form 20-F, or until Sept. 10, 2024, to regain compliance. However, there can be no assurance that Nasdaq will accept the Company's plan to regain compliance or that the Company will be able to regain compliance within any extension period granted by Nasdaq. If the Company fails to timely regain compliance with the Nasdaq Listing Rules, the securities of the Company will be subject to delisting from Nasdaq. The Company intends to file the Annual Report as soon as practicable.\nCaravelle International Group is fully committed to satisfying all of NASDAQ's listing requirements. The company has implemented a comprehensive plan to enhance its internal reporting processes and is working closely with its auditors and legal advisors to ensure the timely and accurate submission of all necessary documents.\nAbout Caravelle International Group\nCaravelle is a global ocean technology company. Its business comprises of two sectors: the traditional business in international shipping, operated by the Topsheen Companies (Topsheen Shipping Group Corporation (Samoa) and its subsidiaries) and the new CO-Tech business under Singapore Garden Technology Pte. Ltd.. As the traditional business, Caravelle's international shipping business has generated all revenues. The CO-Tech business is a new development building upon the existing shipping busines...