LISHUI, China - Tantech Holdings Ltd (NASDAQ:TANH), a specialized high-tech enterprise, disclosed on Thursday that it has received a notice of non-compliance from Nasdaq due to its share price falling below the minimum bid price requirement.
The notification, dated February 27, 2024, was triggered by Tantech's shares closing under $1.00 for 31 consecutive business days, as per Nasdaq Listing Rule 5550(a)(2).
Despite the warning, there is no immediate impact on the trading of Tantech's common shares, which will continue on the Nasdaq with the ticker "TANH." The company has been granted a 180-day period, ending on August 26, 2024, to meet the minimum bid price requirement.
Compliance can be achieved if the closing bid price of Tantech's shares reaches at least $1.00 for 10 consecutive business days within this timeframe.
Should Tantech not regain compliance by the deadline, it may be eligible for an additional grace period of 180 days. The company, known for its bamboo charcoal-based products, has expanded into vehicle manufacturing and sales since acquiring a majority stake in Shangchi Automobile in 2017.
Tantech established two subsidiaries in November 2020 to produce and sell street sweepers and other electric vehicles, showcasing its growth in the new energy vehicle sector.
The company also operates a commercial factoring business through its subsidiary, First International Commercial Factoring (Shenzhen) Co., LTD, which serves businesses within its supply chain.
This announcement is based on a press release statement from Tantech Holdings Ltd and serves as a prompt disclosure of the deficiency notification as required by Nasdaq Listing Rule 5810(b). The company has not provided any further comments on its plans to regain compliance with Nasdaq's requirements.
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