CHENGDU,
China, July 26, 2023 /PRNewswire/ -- Antelope
Enterprise Holdings Limited (NASDAQ Capital Market: AEHL)
("Antelope Enterprise", "AEHL" or the "Company"), the operator of
KylinCloud, a livestreaming ecommerce business in China with access to 400,000+ hosts and
influencers, today announced that on July
25, 2023, it received a deficiency letter from the Listing
Qualifications Department (the "Staff") of the Nasdaq Stock Market
("Nasdaq"). The deficiency letter advised that for the last 30
consecutive business days the bid price for the Company's Class A
ordinary shares had closed below the minimum $1.00 per share requirement for continued
inclusion on the Nasdaq Capital Market pursuant to Nasdaq Listing
Rule 5550(a)(2) (the "Bid Price Rule"). The deficiency letter does
not result in the immediate delisting of the Company's common
stock from the Nasdaq Capital Market.
In accordance with Nasdaq Listing Rule 5810(c)(3)(A) (the
"Compliance Period Rule"), the Company has been provided an initial
period of 180 calendar days, or until January 22, 2024 (the "Compliance Date"), to
regain compliance with the Bid Price Rule. If, at any time before
the Compliance Date, the bid price for the Company's Class A
ordinary shares closes at $1.00 or
more for a minimum of 10 consecutive business days as required
under the Compliance Period Rule, the Staff will provide written
notification to the Company that it complies with the Bid Price
Rule, unless the Staff exercises its discretion to extend this 10
day period pursuant to Nasdaq Listing Rule 5810(c)(3)(H). If the
Company is not in compliance with the Bid Price Rule by January 22,
2024, the Company may be afforded a second 180 calendar day period
to regain compliance. To qualify, the Company would be required to
meet the continued listing requirement for the market value of its
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 intent to cure the minimum bid price deficiency,
which may include, if necessary, implementing a reverse stock
split.
If the Company does not regain compliance with the Bid Price
Rule by the Compliance Date and is not eligible for an additional
compliance period at that time, the Staff will provide written
notification to the Company that its Class A ordinary shares may be
delisted. The Company would then be entitled to appeal the Staff's
determination to a NASDAQ Listing Qualifications Panel and request
a hearing. There can be no assurance that, if the Company does
appeal the delisting determination by the Staff to the NASDAQ
Listing Qualifications Panel, that such appeal would be
successful.
The Company intends to monitor the closing bid price of its
Class A ordinary shares and may, if appropriate, consider available
options to regain compliance with the Bid Price Rule, which could
include effecting a reverse stock split. However, there can be no
assurance that the Company will be able to regain compliance with
the Bid Price Rule.
About Antelope Enterprise Holdings Limited
Antelope Enterprise Holdings Limited holds a 51% ownership
position in Hainan Kylin Cloud Services Technology Co., Ltd
("KylinCloud"), which operates a livestreaming ecommerce platform
in China with access to 400,000+
hosts and influencers.
For more information, please visit our website
at http://www.aehl-kylin.com/, or follow the Company on
Twitter at https://twitter.com/aehl_ltd. To receive the
Company's public announcements, please
email investor@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 amended.
Forward-looking statements include statements with respect to 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 future results, performance
or achievements expressed or implied by such forward-looking
statements. Forward-looking statements in this press release
include, without limitation, our ability to complete in the
livestreaming ecommerce industry, to maintain and grow our network
of high-quality hosts and influencers, and our ability to implement
strategies to grow our business management, information system
consulting, and livestreaming ecommerce business. All statements
other than statements of historical fact are statements that could
be forward-looking statements. You can identify these
forward-looking statements through our use of words such as "may,"
"will," "anticipate," "assume," "should," "indicate," "would,"
"believe," "contemplate," "expect," "estimate," "continue," "plan,"
"point to," "project," "could," "intend," "target" and other
similar words and expressions of the future.
All written or oral forward-looking statements attributable
to us are expressly qualified in their entirety by this cautionary
notice, including, without limitation, those risks and
uncertainties described in our annual report on Form 20-F for the
year ended December 31, 2022 and otherwise in our SEC
reports and filings. Such reports are available upon request from
the Company, or from the Securities and Exchange Commission,
including through the SEC's Internet website
at http://www.sec.gov. We have no obligation and
do not undertake to update, revise or correct any of the
forward-looking statements after the date hereof, or after the
respective dates on which any such statements otherwise are
made.
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SOURCE Antelope Enterprise Holdings Ltd.
