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.
According 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.
Mr. 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."
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, including its Annual Report on
Form 20-F for the fiscal year ended October
31, 2022. 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