Caravelle International Group Regained Compliance with the Minimum Bid Requirement

SINGAPORE, June 11, 2024 /PRNewswire/ -- Caravelle International Group (Nasdaq: CACO), a leading global marine technology company received the determination letter on June 10 from Nasdaq (the "Determination Letter") that for the 17 consecutive business days, from May 15, 2024, to June 7, 2024, the closing bid price of the Company's ordinary shares has been at $1.00 per share or greater. Accordingly, the Company has regained compliance with the Minimum Bid Requirement and this matter is now closed. 

On June 10, 2024, Nasdaq also notified the Company that, after its review of the materials provided by the Company on May 24, 2024, Nasdaq determined to grant the Company an exception to file its annual report on Form 20-F for the fiscal year ended October 31, 2023 (the "Form 20") by September 10, 2024, to enable the Company to regain compliance with Nasdaq Listing Rule 5250(c)(1).

Caravelle International Group is committed to making every effort to ensure the timely submission of the annual report. This demonstrates the company's dedication to fulfilling its regulatory obligations and maintaining its listing status on the Nasdaq stock exchange.

About Caravelle International Group

Caravelle is a global ocean technology company. Its business comprises of two sectors: the international shipping, operated by the Topsheen Companies (Topsheen Shipping Group Corporation (Samoa) and its subsidiaries) and the new timber drying business under Singapore Garden Technology Pte. Ltd. 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.

Contact

Caravelle International Group
60 Paya Lebar Road
#05-47 Paya Lebar Square
Singapore 409051
Email: [email protected] 

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SOURCE Caravelle International Group