Greenland Technologies Holding Corporation (NASDAQ: GTEC) received notification from Nasdaq on March 12 that the company fails to meet the minimum bid price requirement for continued listing, according to a company statement.

The electric industrial vehicle manufacturer's Class A ordinary shares closed below the required $1.00 minimum bid price for 30 consecutive business days from January 28 to March 11. Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of $1.00 per share.

The notification does not immediately impact the company's listing on the Nasdaq Capital Market. Greenland Technologies has 180 calendar days, until September 8, to regain compliance by maintaining a closing bid price of at least $1.00 for a minimum of 10 consecutive business days.

The company stated that failure to regain compliance by the deadline could result in eligibility for additional time or potential delisting. Business operations remain unaffected by the notification.

Greenland Technologies indicated it will monitor its share price and may consider available options, including a potential share consolidation, to regain compliance with Nasdaq listing requirements. The company develops and manufactures electric industrial vehicles and drivetrain systems for material handling equipment.