Business
Caravelle International Group Announces Receipt of Nasdaq Notification and Outlines Compliance Plan
SINGAPORE, Nov. 17, 2023 /PRNewswire/ -- Caravelle International Group (Nasdaq: CACO), a trailblazing global ocean technology company, today announced that it
About this update from High-trend International Group
[{"type":"text","content":"SINGAPORE, Nov. 17, 2023 /PRNewswire/ -- Caravelle International Group (Nasdaq: CACO), a trailblazing global ocean technology company, today announced that it has received a notification from the Nasdaq Stock Market LLC (\"Nasdaq\") regarding its compliance status. The notice, received on November 14, 2023, indicates that Caravelle International Group has not filed its interim financial statements for the six-month period ended April 30, 2023, and as a result, is currently non compliant with Nasdaq's Listing Rules for continued listing.\n\nAccording to the notification from Nasdaq, Caravelle International Group has been given a period of 60 calendar days, until January 16, 2024, to submit a detailed plan to regain compliance. If Nasdaq accepts the Company's plan, Caravelle International Group may be granted an extension of up to 180 calendar days from the original filing due date, or until April 29, 2024, to achieve compliance.\nMr. Guohua Zhag, Chief Executive Officer of Caravelle International Group, stated, \"We are taking this matter very seriously and are working diligently to address the issues that have led to the delay. We are confident in our ability to formulate and execute a robust plan to regain compliance within the stipulated timeframe.\"\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 business. It enables wood desiccation during the maritime shipping process, with full utilization of the shipping time, space, and the waste heat of exhaust gas from the shipping vessels. Caravelle's CO-Tech industry has no historical operations and has not generated revenue. Caravelle is headquartered in Singapore.\nForward Looking Statements\nThis announcement contains \"forward-looking\" statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are made under the \"saf...