Smart Powerr Corp. Receives Notice of Filing Delinquency From Nasdaq
May 26 2023 - 4:30PM
Smart Powerr Corp. (NASDAQ: CREG) (“CREG” or the “Company”),
an industrial waste-to-energy solution provider in China, announced
today that it received written notification from Listing
Qualifications Department of The Nasdaq Stock Market LLC (the
“Nasdaq”) that, as a result of not having timely filed its
quarterly report on Form 10-Q for the year ended March 31, 2023
(the “Form 10-Q”), the Company does not comply with the Nasdaq
Listing Rule 5250(c)(1), which requires timely filing of periodic
financial reports with the U.S. Securities and Exchange Commission
(the “SEC”).
Under the Nasdaq Listing Rule 5810(c)(2)(F)(i),
the Company is required to submit its plan to regain compliance
(the “Compliance Plan”) no later than July 24, 2023. If the plan is
accepted by Nasdaq, CREG can be granted up to 180 calendar days
from the Initial Delinquency Filing’s due date or until November
20, 2023, to regain compliance.
The Company was unable to file its Form 10-Q by
its original deadline without unreasonable effort or expense, and
the Nasdaq notification has no immediate impact on the listing of
the Company’s shares of common stock on the Nasdaq Capital
Market.
This announcement is made in compliance with the
Nasdaq Listing Rule 5810(b), which requires prompt disclosure of
receipt of a notification of deficiency.
About Smart Powerr Corp.
Smart Powerr Corp. (Nasdaq: CREG) (“CREG” or
“the Company”) is based in Xi’an, China and provides
environmentally friendly waste-to-energy technologies to recycle
industrial byproducts for steel mills, cement factories and coke
plants in China. The byproducts include heat, steam, pressure, and
exhaust, which we use to generate large amounts of lower-cost
electricity and reduce the need for outside electrical sources. The
Chinese government has adopted policies to encourage the use of
recycling technologies to optimize resource allocation and reduce
pollution. Currently, recycled energy represents only an estimated
1% of total energy consumption. The recycled energy resource market
is viewed as a fast-growing market due to intensified environmental
concerns and rising energy costs as Chinese economy continues to
expand. The Company’s management and engineering teams have over 20
years of experience in industrial energy recovery in China. For
more information about CREG, please visit
http://smartpowerr.com.
Safe Harbor Statement
This press release may contain certain
“forward-looking statements” relating to the business of CREG and
its subsidiary companies. All statements, other than statements of
historical fact included herein are “forward-looking statements.”
These forward-looking statements are often identified by the use of
forward-looking terminology such as “believes,” “expects” or
similar expressions, involve known and unknown risks and
uncertainties. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable, they
do involve assumptions, risks and uncertainties, and these
expectations may prove to be incorrect. Investors should not place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. The Company’s actual
results could differ materially from those anticipated in these
forward-looking statements as a result of a variety of factors,
including, but not limited to, the risks and uncertainties
associated with market conditions and the satisfaction of customary
closing conditions relating to the registered direct offering and
those discussed in the Company’s annual and periodic reports that
are filed with the Securities and Exchange Commission and available
on its website at http://www.sec.gov. All forward-looking
statements attributable to the Company or persons acting on its
behalf are expressly qualified in their entirety by these factors.
Other than as required under the securities laws, the Company does
not assume a duty to update these forward-looking statements.
For more information, please contact:
Mr. Jackie Shi,VP & Chief Financial
OfficerSmart Powerr Corp.Tel: +86- 139 9287
0723Email: shi910723@yeah.net
/ jackie.shi@creg-cn.com
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