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.
The 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.
Caravelle 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.
About Caravelle International Group
Caravelle 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.
Forward Looking Statements
This 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 "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. All statements,
other than statements of historical fact, including, without
limitation, those with respect to the objectives, plans and
strategies of the Company set forth herein and those preceded by or
that include the words "believe," "expect," "anticipate," "future,"
"will," "intend," "plan," "estimate" or similar expressions, are
"forward-looking statements". Such statements include, but are not
limited to risks detailed in the Company's filings with the U.S.
Securities and Exchange Commission. These forward-looking
statements involve a number of risks and uncertainties, which could
cause the Company's future results to differ materially from those
anticipated. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those indicated or
anticipated by such forward-looking statements. All information
provided in this press release is as of the date of the
publication, and the Company does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
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SOURCE Caravelle International Group