JINJIANG, China, June 24, 2022 /PRNewswire/ — Antelope Enterprise Holdings Limited (NASDAQ Capital Market: AEHL) (“Antelope Enterprise” or the “Company”), a leading Chinese manufacturer of ceramic tiles used for exterior cladding and flooring interior and design of residential and commercial buildings, and which also engages in business management, information systems consulting, online social commerce and live broadcasting, announced today that it has received a letter deficiency of the Department of Listing Qualifications (the “Personnel”) of the Nasdaq Stock Market (“Nasdaq”).
The Company received the deficiency letter on June 23, 2022who informed the Company that, for the last 30 consecutive business days, the bid price of the common shares of the Company had closed below the minimum $1.00 per share to continue to be listed on the Nasdaq Capital Market pursuant to Nasdaq listing rule 5550(a)(2) (the “Bid Rule”). The deficiency letter does not result in the immediate delisting of the Company’s common stock from the Nasdaq Capital Market.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A) (the “Compliance Period Rule”), the Company has been granted an initial period of 180 calendar days, or until December 20, 2022 (the “Compliance Date”), to restore compliance with the Bid Price Rule. If, at any time prior to the Compliance Date, the Bid Price of the Company’s Common Shares closes at $1.00 or more for a minimum of 10 consecutive business days as required by the compliance period rule, staff will notify the company in writing that it is in compliance with the bid price rule, unless the staff does not exercise its discretion to extend this 10-day period in accordance with Nasdaq Listing Rule 5810(c)(3)(H).
If the Company does not comply with the offer price rule in December 20, 2022, the Company may be granted a second period of 180 calendar days to restore compliance. To be eligible, the Company would be required to meet the continued listing requirement for the market value of 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 intention to remedy the deficiency of the minimum bid price, which could include, if necessary, implementing a reverse stock split.
If the Company does not again comply with the Bid Price Rule on the Compliance Date and is not eligible for an additional compliance period at that time, the Staff will notify the Company in writing that its common shares may be delisted. The company would then have the right to appeal the staff’s decision to a NASDAQ listing qualifications review panel and request a hearing. There can be no assurance that if the Company appeals the debarment decision made by Personnel to the NASDAQ Listing Qualifications Panel that such appeal will be successful.
The Company intends to monitor the closing bid price of its Common Shares and may, if appropriate, consider the options available to restore compliance with the bid price rule, which could include effecting a consolidation of actions. However, there can be no assurance that the Company will be able to comply again with the Bid Price Rule.
About Antelope Enterprise Holdings Limited
Antelope Enterprise Holdings Limited is one of the leading ceramic tile manufacturers in China. The Company’s ceramic tiles are used for exterior cladding, interior flooring and design of residential and commercial buildings. Antelope Enterprise products, sold as “Hengda” or “HD”, are available in over 2,000 style, color and size combinations and are distributed through a network of exclusive distributors. as well as directly to major property developers. The Company is also engaged in business management, information system consulting, online social commerce and live broadcasting business in China. For more information, please visit http://www.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 than amended. Forward-looking statements include statements about 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 any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this press release include, but are not limited to, the maintenance of a stable macroeconomic environment in the PRC as the PRC’s real estate, construction and technology sectors continue to exhibit strong fundamentals. long-term strengths, our ability to bring additional ceramic tile production capacity online as our business improves, our ceramic tile customers continue to adapt to price increases for our products, our ability to maintain our average selling price increases and continue to increase volume in future quarters, and whether our enhanced marketing efforts will help produce greater customer acceptance of the new price levels; and our ability to continue to grow our businesses in business management, information systems consulting, online social commerce and live streaming. All statements other than statements of historical fact are statements that may be forward-looking statements. You can identify these forward-looking statements by the use of words such as “may”, “will”, “anticipate”, “assume”, “should”, “indicate”, “believe”, “intend”, “” expect”, “estimate”, “continue”, “plan”, “indicate”, “project”, “could”, “intend”, “target”, and other similar words and phrases from the future tense.
All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement, including, without limitation, the risks and uncertainties described in our Annual Report on Form 20-F for the fiscal year closed December 31, 2021 and otherwise in our reports and filings with the SEC. These reports are available upon request from the Company or the Securities and Exchange Commission, including on the SEC’s website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any forward-looking statements after the date hereof or after the respective dates on which such statements are otherwise made.
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SOURCE Antelope Enterprise Holdings Limited