SINGAPORE, May 17, 2023
/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 December 31,
2022, 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 October 30, 2023, 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.
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, statements regarding the Company's ability to submit a
plan to regain compliance with the Nasdaq Listing Rules; whether
Nasdaq will accept the Company's plan to regain compliance with the
Nasdaq Listing Rules; the Company's ability to file its Form 20-F
within the timeline prescribed by Nasdaq; the Company's
expectations regarding its ability to complete the audit of its
financial statements for its 2022 fiscal year; the timing of the
completion of the Company's fiscal year 2022 financial statements
and the filing of the Form 20-F; and any assumptions underlying any
of the foregoing. Although the Company's management believes that
such forward-looking statements are reasonable, it cannot guarantee
that such expectations are, or will be, correct. 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. These forward-looking
statements can change as a result of many possible events or
factors not all of which are known to the Company, which may
include, without limitation, delays in the ability of the Audit
Committee of the Company's board of directors to complete its
review and the Company's ability to finalize its fiscal year 2022
audited financial results; the risk that the Audit Committee review
identifies errors, which may be material; the finalization of
management's and the Audit Committee's review of the effectiveness
of the Company's internal accounting controls and financial
reporting and the potential for material weakness in the Company's
internal control over financial reporting; the potential for
delisting, legal proceedings or government investigations or
enforcement actions arising from the inability of the Company to
finalize its financial results and file the Form 20-F; and other
risks detailed in the Company's filings with the U.S. Securities
and Exchange Commission. 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